Assembly Bill A7607A

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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Archive: Last Bill Status Via S5230 - Vetoed by Governor

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

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Bill Amendments

co-Sponsors

2015-A7607 - Details

See Senate Version of this Bill:
S5230
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L

2015-A7607 - Summary

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

2015-A7607 - Bill Text download pdf 

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

                                  7607

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 20, 2015
                               ___________

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

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

multi-Sponsors

2015-A7607A (ACTIVE) - Details

See Senate Version of this Bill:
S5230
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L

2015-A7607A (ACTIVE) - Summary

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

2015-A7607A (ACTIVE) - Bill Text download pdf 

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

                                 7607--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 20, 2015
                               ___________

Introduced  by M. of A. GJONAJ, SIMOTAS -- read once and referred to the
  Committee on Ways and Means --  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),
(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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09828-03-5

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