Bill Text: NY S06703 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to increasing the tax credit for the purchase of long-term care insurance; requires insurers to provide certain documentation to policyholders.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2016-06-14 - referred to ways and means [S06703 Detail]

Download: New_York-2015-S06703-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6703
                    IN SENATE
                                    February 8, 2016
                                       ___________
        Introduced  by  Sen.  GOLDEN -- 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 and the insurance law, in  relation  to  the
          tax credit for the purchase of long-term care insurance
          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] For taxable years beginning before January first,  two
     5  thousand  sixteen,  a taxpayer shall be allowed a credit against the tax
     6  imposed by this article equal to twenty  percent  of  the  premium  paid
     7  during  the  taxable  year for long-term care insurance, and for taxable
     8  years beginning on and after January  first,  two  thousand  sixteen,  a
     9  taxpayer shall be allowed a credit against the tax imposed by this arti-
    10  cle  equal to twenty percent of the premium paid during the taxable year
    11  for long-term care insurance  unless  the  premium  for  such  insurance
    12  increased  during  the taxable year and such increase was approved after
    13  application to and by the department of  financial  services,  then  the
    14  amount of credit allowed for such insurance shall be twenty-five percent
    15  of the premium paid during the taxable year for such insurance. In order
    16  to  qualify  for such credit, the taxpayer's premium payment must be for
    17  the purchase of or for continuing coverage under a long-term care insur-
    18  ance policy that qualifies for such credit pursuant to section one thou-
    19  sand one hundred seventeen of the insurance law.
    20    § 2. Paragraph (a) of subdivision 14 of section 210-B of the tax  law,
    21  as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
    22  amended to read as follows:
    23    (a) General. [A] For taxable years beginning before January first, two
    24  thousand sixteen, a taxpayer shall be allowed a credit against  the  tax
    25  imposed  by  this  article  equal  to twenty percent of the premium paid
    26  during the taxable year for long-term care insurance,  and  for  taxable
    27  years  beginning  on  and  after  January first, two thousand sixteen, a
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13528-02-6