S T A T E O F N E W Y O R K
________________________________________________________________________
6320
2021-2022 Regular Sessions
I N A S S E M B L Y
March 12, 2021
___________
Introduced by M. of A. STERN, GALEF -- Multi-Sponsored by -- M. of A.
J. M. GIGLIO, J. 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 E of chapter 59 of the laws of 2020, is
amended to read as follows:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08987-01-1
A. 6320 2
(1) Residents. There shall be allowed a credit against the tax imposed
by this article in an amount equal to [twenty] FIFTY percent of the
premiums paid during the taxable year for long-term care insurance. The
credit amount shall not exceed one thousand five hundred dollars and
shall be allowed only if the amount of New York adjusted gross income
required to be reported on the return is less than two hundred fifty
thousand dollars. 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.