S T A T E   O F   N E W   Y O R K
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                                  4417

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 30, 2015
                               ___________

Introduced  by  M. of A. SCHIMMINGER, GANTT, GALEF -- Multi-Sponsored by
  -- M. of A. GIGLIO, HOOPER, MAGEE, RIVERA -- read once and referred to
  the Committee on Ways and Means

AN ACT to amend the tax law, in relation  to  raising  tax  credits  for
  long-term care insurance from twenty percent to fifty percent

  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 taxpayer shall be  allowed  a  credit  against  the  tax
imposed  by  this article equal to [twenty] FIFTY 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.
  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 taxpayer shall be allowed a  credit  against  the  tax
imposed  by  this article equal to [twenty] FIFTY 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.
  S 3. 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:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08107-01-5

              

A. 4417                             2

  (1) Residents. A taxpayer shall be allowed a credit  against  the  tax
imposed  by  this article equal to [twenty] FIFTY 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 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
amended  by  section  21 of part B of chapter 58 of the laws of 2004, is
amended to read as follows:
  (1) A taxpayer shall be allowed a credit against the  tax  imposed  by
this  article equal to [twenty] FIFTY 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.
  S 5.  This act shall take effect immediately and shall apply to  taxa-
ble  years  beginning  on  or  after the first of January of the year in
which it shall have become a law.