Bill Text: NY A05671 | 2015-2016 | General Assembly | Amended

New York Assembly Bill 5671 (Prior Session Legislation)

Bill Title: Establishes tax credits for premiums paid for life insurance which is used for long term health care; enhances tax credits for long term health care insurance premiums.

Spectrum: Slight Partisan Bill (Democrat 16-10)

Status: (Introduced - Dead) 2016-02-08 - print number 5671a [A05671 Detail]

Download: New_York-2015-A05671-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         5671--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                      March 3, 2015
                                       ___________
        Introduced  by  M.  of  A.  GJONAJ, MILLER, ARROYO, RAIA, WALTER, SIMON,
          BENEDETTO, PICHARDO, GRAF, CURRAN, SALADINO, DAVILA,  SCHIMEL,  ENGLE-
          BRIGHT,  GALEF,  GARBARINO  -- Multi-Sponsored by -- M. of A. BARCLAY,
          CLARK, COOK, HIKIND, KEARNS, MAGEE, RIVERA, TITONE --  read  once  and
          referred to the Committee on Insurance -- recommitted to the Committee
          on  Insurance  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 and the insurance law, in relation to  cred-
          its for premiums paid for long-term care insurance policies
          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] the following percent-
     6  ages of the premium paid during the  taxable  year  for  long-term  care
     7  insurance or for a policy rider to a life insurance policy issued pursu-
     8  ant  to subparagraph (C), (D), (E) or (F) of paragraph one of subsection
     9  (a) of section one thousand one hundred thirteen of the insurance law:
    10    (a) forty percent if the insured is less than forty years  of  age  at
    11  the end of the tax year;
    12    (b) thirty percent if the insured is less than fifty years of age, but
    13  forty or more years of age, at the end of the tax year;
    14    (c)  twenty-five  percent if the insured is less than fifty-five years
    15  of age, but fifty or more years of age, at the end of the tax year; or
    16    (d) twenty percent if the insured is fifty-five or more years  of  age
    17  at the end of the tax year.
    18    In  order  to  qualify for such credit, the taxpayer's premium payment
    19  must be for the purchase of or for continuing coverage under a long-term
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07950-03-6