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Senate Bill S2766

2013-2014 Legislative Session

Increases long-term care insurance credit

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2013-S2766 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3789
2011-2012: S3772

2013-S2766 (ACTIVE) - Summary

Increases long-term care insurance credit from 20% to 35%.

2013-S2766 (ACTIVE) - Sponsor Memo

2013-S2766 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2766

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 23, 2013
                               ___________

Introduced  by  Sens. RANZENHOFER, DeFRANCISCO, GOLDEN, LARKIN, MAZIARZ,
  O'MARA -- read twice and ordered  printed,  and  when  printed  to  be
  committed to the Committee on Investigations and Government Operations

AN  ACT  to  amend the tax law, in relation to increasing long-term care
  insurance credits

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph  1 of subsection (aa) of section 606 of the tax
law, as amended by section 1 of part P of chapter  61  of  the  laws  of
2005, is amended to read as follows:
  (1)  Residents.  A  taxpayer shall be allowed a credit against the tax
imposed by this article equal to [twenty]  THIRTY-FIVE  percent  of  the
premium  paid  during  the taxable year for long-term care insurance. In
order to qualify for such credit, the taxpayer's premium payment must be
for the purchase of or for continuing coverage under  a  long-term  care
insurance  policy that qualifies for such credit pursuant to section one
thousand one hundred seventeen of the insurance law. If  the  amount  of
the  credit  allowable  under this subsection for any taxable year shall
exceed the taxpayer's tax for such year, the excess may be carried  over
to  the  following year or years and may be deducted from the taxpayer's
tax for such year or years.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after the first of  January  next  succeeding  the
date on which it shall have become a law.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05153-01-3

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