S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1978
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2017
                                ___________
 
 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.
   §  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.
   §  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.
                                                            LBD05723-01-7
              

 A. 1978                             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.
   § 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.
   § 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.