Assembly Bill A6934

2017-2018 Legislative Session

Provides for a personal income tax credit for ten percent of the cost of long term health care insurance premiums

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Sponsored By

Archive: Last Bill Status - In Assembly Committee

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

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Bill Amendments

co-Sponsors

multi-Sponsors

2017-A6934 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A10529
2011-2012: A1507
2013-2014: A6455
2015-2016: A3331

2017-A6934 - Summary

Provides taxpayers 55 years of age or over with a personal income tax credit in an amount equal to 10% of the annual premium paid for a long term health care insurance contract.

2017-A6934 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6934
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2017
                                ___________
 
 Introduced  by  M. of A. OAKS, BLANKENBUSH, WALTER -- Multi-Sponsored by
   -- M. of A.  BARCLAY, FITZPATRICK, HAWLEY -- read once and referred to
   the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to authorizing a tax credit for
   individuals who purchase long term health insurance policies

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Legislative intent.   The legislature has hitherto recog-
 nized the need to increase the availability of private health  insurance
 for  long term care services provided in residential health care facili-
 ties and community-based settings.   It is the intent  of  this  act  to
 further encourage the development of such plans through the provision of
 tax credits for individuals who purchase state-sanctioned long term care
 health insurance plans.
   §  2. Section 606 of the tax law is amended by adding a new subsection
 (h-1) to read as follows:
   (H-1) CREDIT FOR PURCHASE OF LONG TERM CARE HEALTH INSURANCE.  (1)   A
 TAXPAYER  WHO  IS  FIFTY-FIVE  YEARS  OF AGE OR OLDER SHALL BE ALLOWED A
 CREDIT TO BE CREDITED AGAINST THE TAX IMPOSED  BY  THIS  ARTICLE  IN  AN
 AMOUNT  EQUAL  TO  TEN  PERCENT  OF THE ANNUAL PREMIUM PAID ON AND AFTER
 JANUARY  FIRST,  TWO  THOUSAND  SEVENTEEN  FOR  A  CONTRACT  ISSUED   IN
 CONNECTION  WITH  A HEALTH INSURANCE PLAN FOR LONG TERM CARE AS PROVIDED
 FOR IN SECTION ONE THOUSAND ONE HUNDRED SEVENTEEN OF THE INSURANCE LAW.
   (2)  IN NO EVENT SHALL THE AMOUNT OF THE CREDIT PROVIDED FOR  IN  THIS
 SUBSECTION  BE  ALLOWED  IN  EXCESS OF THE TAXPAYER'S TAX FOR SUCH YEAR.
 HOWEVER,  IF  THE  AMOUNT  OF  CREDIT  OTHERWISE  ALLOWABLE  UNDER  THIS
 SUBSECTION  FOR  ANY  TAXABLE  YEAR  RESULTS  IN SUCH EXCESS AMOUNT, ANY
 AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER
 TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM  THE  TAXPAYER'S
 TAX FOR SUCH YEAR OR YEARS.
   § 3. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

co-Sponsors

multi-Sponsors

2017-A6934A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A10529
2011-2012: A1507
2013-2014: A6455
2015-2016: A3331

2017-A6934A (ACTIVE) - Summary

Provides taxpayers 55 years of age or over with a personal income tax credit in an amount equal to 10% of the annual premium paid for a long term health care insurance contract.

2017-A6934A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6934--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2017
                                ___________
 
 Introduced  by  M. of A. OAKS, BLANKENBUSH, WALTER -- Multi-Sponsored by
   -- M. of A.  BARCLAY, FITZPATRICK, HAWLEY -- read once and referred to
   the Committee on Ways and Means -- recommitted  to  the  Committee  on
   Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN ACT to amend the tax law, in relation to authorizing a tax credit for
   individuals who purchase long term health insurance policies
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative intent.   The legislature has  hitherto  recog-
 nized  the need to increase the availability of private health insurance
 for long term care services provided in residential health care  facili-
 ties  and  community-based  settings.    It is the intent of this act to
 further encourage the development of such plans through the provision of
 tax credits for individuals who purchase state-sanctioned long term care
 health insurance plans.
   § 2. Section 606 of the tax law is amended by adding a new  subsection
 (h-1) to read as follows:
   (H-1)  CREDIT FOR PURCHASE OF LONG TERM CARE HEALTH INSURANCE.  (1)  A
 TAXPAYER WHO IS FIFTY-FIVE YEARS OF AGE OR  OLDER  SHALL  BE  ALLOWED  A
 CREDIT  TO  BE  CREDITED  AGAINST  THE TAX IMPOSED BY THIS ARTICLE IN AN
 AMOUNT EQUAL TO TEN PERCENT OF THE ANNUAL  PREMIUM  PAID  ON  AND  AFTER
 JANUARY FIRST, TWO THOUSAND EIGHTEEN FOR A CONTRACT ISSUED IN CONNECTION
 WITH  A  HEALTH  INSURANCE  PLAN  FOR  LONG TERM CARE AS PROVIDED FOR IN
 SECTION ONE THOUSAND ONE HUNDRED SEVENTEEN OF THE INSURANCE LAW.
   (2)  IN NO EVENT SHALL THE AMOUNT OF THE CREDIT PROVIDED FOR  IN  THIS
 SUBSECTION  BE  ALLOWED  IN  EXCESS OF THE TAXPAYER'S TAX FOR SUCH YEAR.
 HOWEVER,  IF  THE  AMOUNT  OF  CREDIT  OTHERWISE  ALLOWABLE  UNDER  THIS
 SUBSECTION  FOR  ANY  TAXABLE  YEAR  RESULTS  IN SUCH EXCESS AMOUNT, ANY
 AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER
 TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM  THE  TAXPAYER'S
 TAX FOR SUCH YEAR OR YEARS.
   § 3. This act shall take effect immediately.

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