Bill Text: NY A03548 | 2023-2024 | General Assembly | Introduced
Bill Title: Raises tax credits for long-term care insurance from twenty percent to fifty percent; applies to the corporation tax, franchise tax on business corporations, personal income tax, and franchise tax on insurance corporations.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced) 2024-01-03 - referred to ways and means [A03548 Detail]
Download: New_York-2023-A03548-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3548 2023-2024 Regular Sessions IN ASSEMBLY February 3, 2023 ___________ Introduced by M. of A. STERN -- Multi-Sponsored by -- M. of A. J. M. GIGLIO, RIVERA -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to raising tax credits for long-term care insurance from twenty percent to fifty percent 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] fifty percent of the premium 6 paid during the taxable year for long-term care insurance. In order to 7 qualify for such credit, the taxpayer's premium payment must be for the 8 purchase of or for continuing coverage under a long-term care insurance 9 policy that qualifies for such credit pursuant to section one thousand 10 one hundred seventeen of the insurance law. 11 § 2. Paragraph (a) of subdivision 14 of section 210-B of the tax law, 12 as added by section 17 of part A of chapter 59 of the laws of 2014, is 13 amended to read as follows: 14 (a) General. A taxpayer shall be allowed a credit against the tax 15 imposed by this article equal to [twenty] fifty percent of the premium 16 paid during the taxable year for long-term care insurance. In order to 17 qualify for such credit, the taxpayer's premium payment must be for the 18 purchase of or for continuing coverage under a long-term care insurance 19 policy that qualifies for such credit pursuant to section one thousand 20 one hundred seventeen of the insurance law. 21 § 3. Paragraph 1 of subsection (aa) of section 606 of the tax law, as 22 amended by section 1 of part E of chapter 59 of the laws of 2020, is 23 amended to read as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02521-01-3A. 3548 2 1 (1) Residents. There shall be allowed a credit against the tax imposed 2 by this article in an amount equal to [twenty] fifty percent of the 3 premiums paid during the taxable year for long-term care insurance. The 4 credit amount shall not exceed one thousand five hundred dollars and 5 shall be allowed only if the amount of New York adjusted gross income 6 required to be reported on the return is less than two hundred fifty 7 thousand dollars. In order to qualify for such credit, the taxpayer's 8 premium payment must be for the purchase of or for continuing coverage 9 under a long-term care insurance policy that qualifies for such credit 10 pursuant to section one thousand one hundred seventeen of the insurance 11 law. If the amount of the credit allowable under this subsection for any 12 taxable year shall exceed the taxpayer's tax for such year, the excess 13 may be carried over to the following year or years and may be deducted 14 from the taxpayer's tax for such year or years. 15 § 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as 16 amended by section 21 of part B of chapter 58 of the laws of 2004, is 17 amended to read as follows: 18 (1) A taxpayer shall be allowed a credit against the tax imposed by 19 this article equal to [twenty] fifty percent of the premium paid during 20 the taxable year for long-term care insurance. In order to qualify for 21 such credit, the taxpayer's premium payment must be for the purchase of 22 or for continuing coverage under a long-term care insurance policy that 23 qualifies for such credit pursuant to section one thousand one hundred 24 seventeen of the insurance law. 25 § 5. This act shall take effect immediately and shall apply to taxa- 26 ble years beginning on or after the first of January of the year in 27 which it shall have become a law.
