Senate Bill S2559A

2017-2018 Legislative Session

Relates to the tax credit for the purchase of long-term care insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance 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

2017-S2559 - Details

See Assembly Version of this Bill:
A4944
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L; add §§3216-a & 4306-h, Ins L
Versions Introduced in 2015-2016 Legislative Session:
S6703, A10088

2017-S2559 - Summary

Relates to increasing the tax credit for the purchase of long-term care insurance; requires insurers to provide certain documentation to policyholders.

2017-S2559 - Sponsor Memo

2017-S2559 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2559
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2017
                                ___________
 
 Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law and the insurance law, in  relation  to  the
   tax credit for the purchase of long-term care insurance

   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] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST,  TWO
 THOUSAND SEVENTEEN, 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,  AND  FOR  TAXABLE
 YEARS  BEGINNING  ON  AND AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN, A
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE EQUAL TO TWENTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE  YEAR
 FOR  LONG-TERM  CARE  INSURANCE  UNLESS  THE  PREMIUM FOR SUCH INSURANCE
 INCREASED DURING THE TAXABLE YEAR AND SUCH INCREASE WAS  APPROVED  AFTER
 APPLICATION  TO  AND  BY  THE DEPARTMENT OF FINANCIAL SERVICES, THEN THE
 AMOUNT OF CREDIT ALLOWED FOR SUCH INSURANCE SHALL BE TWENTY-FIVE PERCENT
 OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR SUCH 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 insur-
 ance policy that qualifies for such credit pursuant to section one thou-
 sand 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] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO
 THOUSAND SEVENTEEN, 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,  AND  FOR  TAXABLE
 YEARS  BEGINNING  ON  AND AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN, A
              

co-Sponsors

2017-S2559A (ACTIVE) - Details

See Assembly Version of this Bill:
A4944
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L; add §§3216-a & 4306-h, Ins L
Versions Introduced in 2015-2016 Legislative Session:
S6703, A10088

2017-S2559A (ACTIVE) - Summary

Relates to increasing the tax credit for the purchase of long-term care insurance; requires insurers to provide certain documentation to policyholders.

2017-S2559A (ACTIVE) - Sponsor Memo

2017-S2559A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2559--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2017
                                ___________
 
 Introduced  by  Sens.  GOLDEN, ROBACH -- read twice and ordered printed,
   and when printed to be committed to the  Committee  on  Investigations
   and  Government Operations -- recommitted to the Committee on Investi-
   gations and Government Operations in accordance with  Senate  Rule  6,
   sec.  8 -- 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 and the insurance law, in relation to the
   tax credit for the purchase of long-term care insurance
 
   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] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO
 THOUSAND EIGHTEEN, 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,  AND  FOR  TAXABLE
 YEARS  BEGINNING  ON  AND  AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN, A
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE EQUAL TO TWENTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE  YEAR
 FOR  LONG-TERM  CARE  INSURANCE  UNLESS  THE  PREMIUM FOR SUCH INSURANCE
 INCREASED DURING THE TAXABLE YEAR AND SUCH INCREASE WAS  APPROVED  AFTER
 APPLICATION  TO  AND  BY  THE DEPARTMENT OF FINANCIAL SERVICES, THEN THE
 AMOUNT OF CREDIT ALLOWED FOR SUCH INSURANCE SHALL BE TWENTY-FIVE PERCENT
 OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR SUCH 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 insur-
 ance policy that qualifies for such credit pursuant to section one thou-
 sand one hundred seventeen of the insurance law.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06027-02-8
              

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