Assembly Bill A10088

2015-2016 Legislative Session

Relates to the tax credit for the purchase of long-term care insurance

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A10088 (ACTIVE) - Details

See Senate Version of this Bill:
S6703
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L; add §§3216-a & 4306-h, Ins L
Versions Introduced in 2017-2018 Legislative Session:
A4944, S2559

2015-A10088 (ACTIVE) - Summary

Relates to increasing the tax credit for the purchase of long-term care insurance; requires insurers to provide certain documentation to policyholders.

2015-A10088 (ACTIVE) - Bill Text download pdf

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

                                  10088

                          I N  A S S E M B L Y

                              May 10, 2016
                               ___________

Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax law and the insurance law, in  relation  to  the
  tax credit for the purchase of long-term care insurance

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

  Section 1. Subdivision 1 of section 190 of the tax law, as amended  by
section  102  of part A of chapter 59 of the laws of 2014, is amended to
read as follows:
  1. General. [A] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST,  TWO
THOUSAND  SIXTEEN,  A taxpayer shall be allowed a credit against the tax
imposed by this article equal to twenty  percent  of  the  premium  paid
during  the  taxable  year for long-term care insurance, AND FOR TAXABLE
YEARS BEGINNING ON AND AFTER JANUARY  FIRST,  TWO  THOUSAND  SIXTEEN,  A
TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE  EQUAL TO TWENTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR
FOR LONG-TERM CARE INSURANCE  UNLESS  THE  PREMIUM  FOR  SUCH  INSURANCE
INCREASED  DURING  THE TAXABLE YEAR AND SUCH INCREASE WAS APPROVED AFTER
APPLICATION TO AND BY THE DEPARTMENT OF  FINANCIAL  SERVICES,  THEN  THE
AMOUNT OF CREDIT ALLOWED FOR SUCH INSURANCE SHALL BE TWENTY-FIVE PERCENT
OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR SUCH 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 insur-
ance policy that qualifies for such credit pursuant to section one thou-
sand one hundred seventeen of the insurance law.
  S 2. Paragraph (a) of subdivision 14 of section 210-B of the tax  law,
as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
amended to read as follows:
  (a) General. [A] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO
THOUSAND SIXTEEN, A taxpayer shall be allowed a credit against  the  tax
imposed  by  this  article  equal  to twenty percent of the premium paid
during the taxable year for long-term care insurance,  AND  FOR  TAXABLE
YEARS  BEGINNING  ON  AND  AFTER  JANUARY FIRST, TWO THOUSAND SIXTEEN, A
TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-

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

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