Bill Text: NY S02315 | 2015-2016 | General Assembly | Amended

---

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: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-28 - PRINT NUMBER 2315A [S02315 Detail]

Download: New_York-2015-S02315-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                         2315--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    January 22, 2015
                                       ___________
        Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations -- recommitted to the Committee on Investigations  and
          Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
          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
    20  care insurance policy that qualifies for such credit pursuant to section
    21  one thousand one hundred seventeen of the insurance law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07950-02-6