S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7225
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 15, 2019
                                ___________
 
 Introduced by M. of A. CUSICK -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend the tax law and the insurance law, in relation to the
   tax credits for premiums paid for 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  taxpayer  shall be allowed a credit NOT TO EXCEED ONE
 THOUSAND DOLLARS FOR EACH POLICY OF INSURANCE, against the  tax  imposed
 by this article equal to [twenty percent] THE AMOUNT of the premium paid
 during the taxable year for long-term care insurance. In order to quali-
 fy  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, NOT TO  EXCEED  ONE
 THOUSAND  DOLLARS  FOR EACH POLICY OF INSURANCE, against the tax imposed
 by this article equal to [twenty percent] THE AMOUNT of the premium paid
 during the taxable year for long-term care insurance. In order to quali-
 fy 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.
              

                                                            LBD06655-01-9

 A. 7225                             2
 
   (1) Residents. A taxpayer shall be allowed a credit, NOT TO EXCEED ONE
 THOUSAND  DOLLARS  FOR EACH POLICY OF INSURANCE, against the tax imposed
 by this article equal to [twenty percent] THE AMOUNT of the premium paid
 during the taxable year for long-term care insurance. In order to quali-
 fy  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, NOT TO EXCEED ONE THOUSAND
 DOLLARS FOR EACH POLICY OF INSURANCE, against the tax  imposed  by  this
 article  equal to [twenty percent] THE AMOUNT 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. Paragraph 1 of subsection (g) of section 1117  of  the  insurance
 law,  as  amended by chapter 417 of the laws of 2001, is amended to read
 as follows:
   (1) Except for certain group contracts described in paragraph four  of
 this subsection, in order for premium payments for long-term care insur-
 ance  to qualify for purposes of section one hundred ninety, subdivision
 [twenty-five-a] FOURTEEN of section two hundred [ten] TEN-B,  subsection
 (aa) of section six hundred six[, subsection (k) of section one thousand
 four  hundred fifty-six] and subsection (m) of section one thousand five
 hundred eleven of the tax law, the  long-term  care  insurance  must  be
 approved  by  the  superintendent  pursuant to this subsection. Prior to
 approving any such insurance, the superintendent shall conclude that  it
 meets  minimum  standards,  including minimum loss ratio standards under
 this section or section three thousand two hundred twenty-nine  of  this
 chapter  and is a qualified long-term care insurance contract as defined
 in section 7702B of the internal revenue code.
   § 6. This act shall take effect on the first of January next  succeed-
 ing the date on which it shall have become a law.