Increases from 20% to 40%, the corporation, business franchise, personal income and insurance corporation tax credits for premiums paid for long-term care insurance premiums during the 2015, 2016, 2017 and 2018 taxable years.
STATE OF NEW YORK
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9345
IN ASSEMBLY
February 23, 2016
___________
Introduced by M. of A. GJONAJ -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to increasing 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:
1 Section 1. Subdivision 1 of section 190 of the tax law, as amended by
2 section 102 of part A of chapter 59 of the laws of 2014, is amended to
3 read as follows:
4 1. General. A taxpayer shall be allowed a credit against the tax
5 imposed by this article equal to twenty percent of the premium paid
6 during the taxable year for long-term care insurance; provided, however,
7 that for taxable years commencing on or after January first, two thou-
8 sand fifteen and before January first, two thousand nineteen, such cred-
9 it shall be forty percent of the premium paid during the taxable year
10 for long-term care insurance. In order to qualify for such credit, the
11 taxpayer's premium payment must be for the purchase of or for continuing
12 coverage under a long-term care insurance policy that qualifies for such
13 credit pursuant to section one thousand one hundred seventeen of the
14 insurance law.
15 § 2. Paragraph (a) of subdivision 14 of section 210-B of the tax law,
16 as added by section 17 of part A of chapter 59 of the laws of 2014, is
17 amended to read as follows:
18 (a) General. A taxpayer shall be allowed a credit against the tax
19 imposed by this article equal to twenty percent of the premium paid
20 during the taxable year for long-term care insurance; provided, however,
21 that for taxable years commencing on or after January first, two thou-
22 sand fifteen and before January first, two thousand nineteen, such cred-
23 it shall be forty percent of the premium paid during the taxable year
24 for long-term care insurance. In order to qualify for such credit, the
25 taxpayer's premium payment must be for the purchase of or for continuing
26 coverage under a long-term care insurance policy that qualifies for such
27 credit pursuant to section one thousand one hundred seventeen of the
28 insurance law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13127-01-5
A. 9345 2
1 § 3. Paragraph 1 of subsection (aa) of section 606 of the tax law, as
2 amended by section 1 of part P of chapter 61 of the laws of 2005, is
3 amended to read as follows:
4 (1) Residents. A taxpayer shall be allowed a credit against the tax
5 imposed by this article equal to twenty percent of the premium paid
6 during the taxable year for long-term care insurance; provided, however,
7 that for taxable years commencing on or after January first, two thou-
8 sand fifteen and before January first, two thousand nineteen, such cred-
9 it shall be forty percent of the premium paid during the taxable year
10 for long-term care insurance. In order to qualify for such credit, the
11 taxpayer's premium payment must be for the purchase of or for continuing
12 coverage under a long-term care insurance policy that qualifies for such
13 credit pursuant to section one thousand one hundred seventeen of the
14 insurance law. If the amount of the credit allowable under this
15 subsection for any taxable year shall exceed the taxpayer's tax for such
16 year, the excess may be carried over to the following year or years and
17 may be deducted from the taxpayer's tax for such year or years.
18 § 4. Paragraph 1 of subsection (m) of section 1511 of the tax law, as
19 amended by section 21 of part B of chapter 58 of the laws of 2004, is
20 amended to read as follows:
21 (1) A taxpayer shall be allowed a credit against the tax imposed by
22 this article equal to twenty percent of the premium paid during the
23 taxable year for long-term care insurance; provided, however, that for
24 taxable years commencing on or after January first, two thousand fifteen
25 and before January first, two thousand nineteen, such credit shall be
26 forty percent of the premium paid during the taxable year for long-term
27 care insurance. In order to qualify for such credit, the taxpayer's
28 premium payment must be for the purchase of or for continuing coverage
29 under a long-term care insurance policy that qualifies for such credit
30 pursuant to section one thousand one hundred seventeen of the insurance
31 law.
32 § 5. This act shall take effect immediately and shall be deemed to
33 have been in full force and effect on and after January 1, 2015.
