S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2782
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 25, 2019
                                ___________
 
 Introduced  by  M. of A. SCHIMMINGER, GANTT, GALEF -- Multi-Sponsored by
   -- M. of A.  GIGLIO, 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.
                                                            LBD03825-01-9
              

 A. 2782                             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.