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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Sponsored By

Archive: Last Bill Status Via S5230 - 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 (13)
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 18, 2015 substituted by s5230a
rules report cal.675
reported
Jun 17, 2015 reported referred to rules
Jun 02, 2015 print number 7607a
Jun 02, 2015 amend and recommit to ways and means
May 20, 2015 referred to ways and means

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 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

A7607 - Details

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

A7607 - Summary

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

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

A7607A (ACTIVE) - Details

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

A7607A (ACTIVE) - Summary

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

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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