Senate Bill S3401

2023-2024 Legislative Session

Eliminates the cap on the maximum amount and the gross income requirement for the long-term care insurance credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2023-S3401 (ACTIVE) - Details

See Assembly Version of this Bill:
A3654
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2021-2022 Legislative Session:
S6442, A6683

2023-S3401 (ACTIVE) - Summary

Eliminates the $1500 cap on the maximum amount and the gross income requirement for the long-term care insurance credit.

2023-S3401 (ACTIVE) - Sponsor Memo

2023-S3401 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3401
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 31, 2023
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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 eliminating the cap  on  the
   maximum amount and the gross income requirement for the long-term care
   insurance credit

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. 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:
   (1) Residents. There shall be allowed a credit against the tax imposed
 by this article in an amount equal to twenty  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.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2023.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08335-01-3

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.