| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Feb 06, 2018 |
print number 4319a |
| Feb 06, 2018 |
amend and recommit to investigations and government operations |
| Jan 03, 2018 |
referred to investigations and government operations |
| Feb 09, 2017 |
referred to investigations and government operations |
Senate Bill S4319A
2017-2018 Legislative Session
Sponsored By
(R, C) 44th Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
Actions
Bill Amendments
2017-S4319 - Details
- See Assembly Version of this Bill:
- A6934
- Current Committee:
- Senate Investigations And Government Operations
- 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
2019-2020: S1154
2021-2022: S1525
2017-S4319 - Sponsor Memo
BILL NUMBER: S4319
TITLE OF BILL : An act to amend the tax law, in relation to
authorizing a tax credit for individuals who purchase long term health
insurance policies
PURPOSE OR GENERAL IDEA OF BILL :
Chapter 245 of the laws of 1966, is designed to encourage the
development of various plans of which offer coverage for services
provided in residential health care facilities and community-based
settings. The purpose of this bill is to further encourage the
development of these policies by providing tax credits to those
persons, age fifty-five or older, who purchase state-sanctioned
long-term health insurance policies.
SUMMARY OF SPECIFIC PROVISIONS :
Section 2 Amends section six hundred six of the tax law to add a new
subsection (h-1) to read as follows: Credit for purchase of long term
care health insurance. 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 seven for
a contract issued in connection with a health insurance plan for long
term care as provided for in section one thousand one hundred
2017-S4319 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4319
2017-2018 Regular Sessions
I N S E N A T E
February 9, 2017
___________
Introduced by Sen. TEDISCO -- 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, 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.
2017-S4319A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6934
- Current Committee:
- Senate Investigations And Government Operations
- 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
2019-2020: S1154
2021-2022: S1525
2017-S4319A (ACTIVE) - Sponsor Memo
BILL NUMBER: S4319A
SPONSOR: TEDISCO
TITLE OF BILL: An act to amend the tax law, in relation to authoriz-
ing a tax credit for individuals who purchase long term health insurance
policies
PURPOSE OR GENERAL IDEA OF BILL:
Chapter 245 of the laws of 1966, is designed to encourage the develop-
ment of various plans of which offer coverage for services provided in
residential health care facilities and community-based settings. The
purpose of this bill is to further encourage the development of these
policies by providing tax credits to those persons, age fifty-five or
older, who purchase state-sanctioned long-term health insurance poli-
cies.
SUMMARY OF SPECIFIC PROVISIONS:
Section 2 Amends section six hundred six of the tax law to add a new
subsection (h-1) to read as follows: Credit for purchase of long-term
2017-S4319A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4319--A
2017-2018 Regular Sessions
I N S E N A T E
February 9, 2017
___________
Introduced by Sen. TEDISCO -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations -- recommitted to the Committee on Investigations and
Government Operations in accordance with Senate Rule 6, sec. 8 --
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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