Provides taxpayers 55 years of age or over with a personal income tax credit in an amount equal to 10% of the annual premium paid for a long term health care insurance contract.
STATE OF NEW YORK
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6934--A
2017-2018 Regular Sessions
IN ASSEMBLY
March 24, 2017
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Introduced by M. of A. OAKS, BLANKENBUSH, WALTER -- Multi-Sponsored by
-- M. of A. BARCLAY, FITZPATRICK, HAWLEY -- read once and referred to
the Committee on Ways and Means -- recommitted to the Committee on
Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
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:
1 Section 1. Legislative intent. The legislature has hitherto recog-
2 nized the need to increase the availability of private health insurance
3 for long term care services provided in residential health care facili-
4 ties and community-based settings. It is the intent of this act to
5 further encourage the development of such plans through the provision of
6 tax credits for individuals who purchase state-sanctioned long term care
7 health insurance plans.
8 § 2. Section 606 of the tax law is amended by adding a new subsection
9 (h-1) to read as follows:
10 (h-1) Credit for purchase of long term care health insurance. (1) A
11 taxpayer who is fifty-five years of age or older shall be allowed a
12 credit to be credited against the tax imposed by this article in an
13 amount equal to ten percent of the annual premium paid on and after
14 January first, two thousand eighteen for a contract issued in connection
15 with a health insurance plan for long term care as provided for in
16 section one thousand one hundred seventeen of the insurance law.
17 (2) In no event shall the amount of the credit provided for in this
18 subsection be allowed in excess of the taxpayer's tax for such year.
19 However, if the amount of credit otherwise allowable under this
20 subsection for any taxable year results in such excess amount, any
21 amount of credit not deductible in such taxable year may be carried over
22 to the following year or years and may be deducted from the taxpayer's
23 tax for such year or years.
24 § 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06370-03-8