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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2315
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   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
       AN ACT to amend the tax law, in relation to credits  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 A LIFE INSURANCE POLICY OR POLICY RIDER PURSUANT TO SUBPAR-
    8  AGRAPH  (C),  (D),  (E)  OR  (F)  OF  PARAGRAPH ONE OF SUBSECTION (A) OF
    9  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.
   22    S 2. Paragraph (a) of subdivision 14 of section 210-B of the tax  law,
   23  as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
   24  amended to read as follows:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07950-01-5
       S. 2315                             2
    1    (a) General. A taxpayer shall be allowed  a  credit  against  the  tax
    2  imposed by this article equal to [twenty percent] THE FOLLOWING PERCENT-
    3  AGES  of  the  premium  paid  during the taxable year for long-term care
    4  insurance OR A LIFE INSURANCE POLICY OR POLICY RIDER PURSUANT TO SUBPAR-
    5  AGRAPH  (C),  (D),  (E)  OR  (F)  OF  PARAGRAPH ONE OF SUBSECTION (A) OF
    6  SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW:
    7    (I) FORTY PERCENT IF THE INSURED IS LESS THAN FORTY YEARS  OF  AGE  AT
    8  THE END OF THE TAX YEAR;
    9    (II)  THIRTY  PERCENT  IF THE INSURED IS LESS THAN FIFTY YEARS OF AGE,
   10  BUT FORTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR;
   11    (III) TWENTY-FIVE PERCENT IF THE INSURED IS LESS THAN FIFTY-FIVE YEARS
   12  OF AGE, BUT FIFTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR; OR
   13    (IV) TWENTY PERCENT IF THE INSURED IS FIFTY-FIVE OR MORE YEARS OF  AGE
   14  AT THE END OF THE TAX YEAR.
   15    In  order  to  qualify for such credit, the taxpayer's premium payment
   16  must be for the purchase of or for continuing coverage under a long-term
   17  care insurance policy that qualifies for such credit pursuant to section
   18  one thousand one hundred seventeen of the insurance law.
   19    S 3. Paragraph 1 of subsection (aa) of section 606 of the tax law,  as
   20  amended  by  section  1  of part P of chapter 61 of the laws of 2005, is
   21  amended to read as follows:
   22    (1) Residents. A taxpayer shall be allowed a credit  against  the  tax
   23  imposed by this article equal to [twenty percent] THE FOLLOWING PERCENT-
   24  AGES  of  the  premium  paid  during the taxable year for long-term care
   25  insurance OR A LIFE INSURANCE POLICY OR POLICY RIDER PURSUANT TO SUBPAR-
   26  AGRAPH (C), (D), (E) OR (F)  OF  PARAGRAPH  ONE  OF  SUBSECTION  (A)  OF
   27  SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW:
   28    (A)  FORTY  PERCENT  IF THE INSURED IS LESS THAN FORTY YEARS OF AGE AT
   29  THE END OF THE TAX YEAR;
   30    (B) THIRTY PERCENT IF THE INSURED IS LESS THAN FIFTY YEARS OF AGE, BUT
   31  FORTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR;
   32    (C) TWENTY-FIVE PERCENT IF THE INSURED IS LESS THAN  FIFTY-FIVE  YEARS
   33  OF AGE, BUT FIFTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR; OR
   34    (D)  TWENTY  PERCENT IF THE INSURED IS FIFTY-FIVE OR MORE YEARS OF AGE
   35  AT THE END OF THE TAX YEAR.
   36    In order to qualify for such credit, the  taxpayer's  premium  payment
   37  must be for the purchase of or for continuing coverage under a long-term
   38  care insurance policy that qualifies for such credit pursuant to section
   39  one  thousand  one hundred seventeen of the insurance law. If the amount
   40  of the credit allowable under this subsection for any taxable year shall
   41  exceed the taxpayer's tax for such year, the excess may be carried  over
   42  to  the  following year or years and may be deducted from the taxpayer's
   43  tax for such year or years.
   44    S 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
   45  amended by section 21 of part B of chapter 58 of the laws  of  2004,  is
   46  amended to read as follows:
   47    (1)  A  taxpayer  shall be allowed a credit against the tax imposed by
   48  this article equal to [twenty percent] THE FOLLOWING PERCENTAGES of  the
   49  premium  paid  during the taxable year for long-term care insurance OR A
   50  LIFE INSURANCE POLICY OR POLICY RIDER PURSUANT TO SUBPARAGRAPH (C), (D),
   51  (E) OR (F) OF PARAGRAPH ONE OF SUBSECTION (A) OF  SECTION  ONE  THOUSAND
   52  ONE HUNDRED THIRTEEN OF THE INSURANCE LAW:
   53    (A)  FORTY  PERCENT  IF THE INSURED IS LESS THAN FIFTY YEARS OF AGE AT
   54  THE END OF THE TAX YEAR;
   55    (B) THIRTY PERCENT IF THE INSURED IS LESS THAN FIFTY YEARS OF AGE, BUT
   56  FORTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR;
       S. 2315                             3
    1    (C) TWENTY-FIVE PERCENT IF THE INSURED IS LESS THAN  FIFTY-FIVE  YEARS
    2  OF AGE, BUT FIFTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR; OR
    3    (D)  TWENTY  PERCENT IF THE INSURED IS FIFTY-FIVE OR MORE YEARS OF AGE
    4  AT THE END OF THE TAX YEAR.
    5    In order to qualify for such credit, the  taxpayer's  premium  payment
    6  must be for the purchase of or for continuing coverage under a long-term
    7  care insurance policy that qualifies for such credit pursuant to section
    8  one thousand one hundred seventeen of the insurance law.
    9    S  5. This act shall take effect on the first of April next succeeding
   10  the date on which it shall have become a law.