senate Bill S5230A

Vetoed By Governor
2015-2016 Legislative Session

Establishes tax credits for premiums paid for life insurance which is used for long term health care

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Sponsored By

Archive: Last Bill Status - Vetoed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Vetoed by Governor

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 20, 2015 vetoed memo.268
Nov 10, 2015 delivered to governor
Jun 18, 2015 returned to senate
passed assembly
ordered to third reading rules cal.675
substituted for a7607a
Jun 16, 2015 referred to ways and means
delivered to assembly
passed senate
Jun 11, 2015 ordered to third reading cal.1498
committee discharged and committed to rules
Jun 02, 2015 print number 5230a
Jun 02, 2015 amend and recommit to finance
May 27, 2015 reported and committed to finance
May 08, 2015 referred to investigations and government operations

Votes

view votes

Jun 11, 2015 - Rules committee Vote

S5230A
22
0
committee
22
Aye
0
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

May 27, 2015 - Investigations and Government Operations committee Vote

S5230
8
0
committee
8
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show committee vote details

Committee Vote: May 27, 2015

excused (1)

Co-Sponsors

S5230 - Details

See Assembly Version of this Bill:
A7607
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L

S5230 - Summary

Establishes tax credits for premiums paid for life insurance which is used for long term health care.

S5230 - Sponsor Memo

S5230 - Bill Text download pdf

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

                                  5230

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               May 8, 2015
                               ___________

Introduced  by  Sens.  KLEIN, VALESKY -- 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 credits for premiums paid
  for long-term care insurance policies

  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 percent of the premium paid
during the taxable year for long-term care insurance OR  THIRTY  PERCENT
OF  THE PREMIUM PAID DURING THE TAXABLE YEAR FOR A LIFE INSURANCE POLICY
OR POLICY RIDER PURSUANT TO SUBPARAGRAPH (C), (D), (E) OR (F)  OF  PARA-
GRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN
OF THE INSURANCE LAW.
  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 percent of the premium paid
during the taxable year for long-term care insurance OR  THIRTY  PERCENT
OF  THE PREMIUM PAID DURING THE TAXABLE YEAR FOR A LIFE INSURANCE POLICY
OR POLICY RIDER PURSUANT TO SUBPARAGRAPH (C), (D), (E) OR (F)  OF  PARA-
GRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN
OF THE INSURANCE LAW.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09828-01-5

Co-Sponsors

S5230A (ACTIVE) - Details

See Assembly Version of this Bill:
A7607
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L

S5230A (ACTIVE) - Summary

Establishes tax credits for premiums paid for life insurance which is used for long term health care.

S5230A (ACTIVE) - Sponsor Memo

S5230A (ACTIVE) - Bill Text download pdf

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

                                 5230--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               May 8, 2015
                               ___________

Introduced  by  Sens.  KLEIN, VALESKY -- read twice and ordered printed,
  and when printed to be committed to the  Committee  on  Investigations
  and  Government  Operations  -- reported favorably from said committee
  and committed to the Committee on  Finance  --  committee  discharged,
  bill  amended,  ordered  reprinted  as amended and recommitted to said
  committee

AN ACT to amend the tax law, in relation to credits  for  premiums  paid
  for long-term care insurance policies

  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  percent  of  the  premium  paid
during  the  taxable  year  for long-term care insurance OR FOR A POLICY
RIDER TO A LIFE INSURANCE POLICY ISSUED PURSUANT  TO  SUBPARAGRAPH  (C),
(D),  (E) OR (F) OF PARAGRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOU-
SAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW.
  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  percent  of  the  premium  paid
during  the  taxable  year  for long-term care insurance OR FOR A POLICY
RIDER TO A LIFE INSURANCE POLICY ISSUED PURSUANT  TO  SUBPARAGRAPH  (C),

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09828-02-5

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