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