S03772 Summary:

BILL NOS03772
 
SAME ASNo same as
 
SPONSORRANZENHOFER
 
COSPNSRDEFRANCISCO, GOLDEN, JOHNSON, LARKIN, LAVALLE, MAZIARZ, O'MARA, RITCHIE
 
MLTSPNSR
 
Amd S606, Tax L
 
Increases long-term care insurance credit from 20% to 35%.
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S03772 Actions:

BILL NOS03772
 
03/03/2011REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
01/04/2012REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
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S03772 Floor Votes:

There are no votes for this bill in this legislative session.
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S03772 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3772
 
                               2011-2012 Regular Sessions
 
                    IN SENATE
 
                                      March 3, 2011
                                       ___________
 
        Introduced  by  Sens. RANZENHOFER, DeFRANCISCO, GOLDEN, JOHNSON, LARKIN,
          LAVALLE, MAZIARZ, O'MARA -- read twice and ordered printed,  and  when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
 
        AN  ACT  to  amend the tax law, in relation to increasing long-term care
          insurance credits
 

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Paragraph  1 of subsection (aa) of section 606 of the tax
     2  law, as amended by section 1 of part P of chapter  61  of  the  laws  of
     3  2005, is 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]  thirty-five  percent  of  the
     6  premium  paid  during  the taxable year for long-term care insurance. In
     7  order to qualify for such credit, the taxpayer's premium payment must be
     8  for the purchase of or for continuing coverage under  a  long-term  care
     9  insurance  policy that qualifies for such credit pursuant to section one
    10  thousand one hundred seventeen of the insurance law. If  the  amount  of

    11  the  credit  allowable  under this subsection for any taxable year shall
    12  exceed the taxpayer's tax for such year, the excess may be carried  over
    13  to  the  following year or years and may be deducted from the taxpayer's
    14  tax for such year or years.
    15    § 2. This act shall take effect immediately and shall apply to taxable
    16  years beginning on or after the first of  January  next  succeeding  the
    17  date on which it shall have become a law.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02588-01-1
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