| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 05, 2022 |
referred to budget and revenue |
| Jan 12, 2021 |
referred to budget and revenue |
Senate Bill S1525
2021-2022 Legislative Session
Sponsored By
(R, C) 44th Senate District
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
Actions
2021-S1525 (ACTIVE) - Details
- Current Committee:
- Senate Budget And Revenue
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2017-2018:
S4319
2019-2020: S1154
2021-S1525 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1525
SPONSOR: TEDISCO
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 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 longterm 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
2021-S1525 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
1525
2021-2022 Regular Sessions
I N S E N A T E
January 12, 2021
___________
Introduced by Sen. TEDISCO -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
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 TWENTY-ONE 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.
LBD03880-01-1
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