Bill Text: NY S06442 | 2021-2022 | General Assembly | Introduced

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Bill Title: Eliminates the $1500 cap on the maximum amount and the gross income requirement for the long-term care insurance credit.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S06442 Detail]

Download: New_York-2021-S06442-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6442

                               2021-2022 Regular Sessions

                    IN SENATE

                                     April 28, 2021
                                       ___________

        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        AN ACT to amend the tax law, in relation to eliminating the cap  on  the
          maximum amount and the gross income requirement for the long-term care
          insurance credit

          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 E of chapter 59 of the laws of
     3  2020, is amended to read as follows:
     4    (1) Residents. There shall be allowed a credit against the tax imposed
     5  by this article in an amount equal to twenty  percent  of  the  premiums
     6  paid  during  the taxable year for long-term care insurance. [The credit
     7  amount shall not exceed one thousand five hundred dollars and  shall  be
     8  allowed only if the amount of New York adjusted gross income required to
     9  be  reported  on  the  return  is  less  than two hundred fifty thousand
    10  dollars.] In order to qualify for such credit,  the  taxpayer's  premium
    11  payment  must  be for the purchase of or for continuing coverage under a
    12  long-term care insurance policy that qualifies for such credit  pursuant
    13  to  section  one thousand one hundred seventeen of the insurance law. If
    14  the amount of the credit allowable under this subsection for any taxable
    15  year shall exceed the taxpayer's tax for such year, the  excess  may  be
    16  carried over to the following year or years and may be deducted from the
    17  taxpayer's tax for such year or years.
    18    § 2. This act shall take effect immediately and shall apply to taxable
    19  years beginning on and after January 1, 2021.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10562-01-1