Bill Text: NY A06934 | 2017-2018 | General Assembly | Amended

New York Assembly Bill 6934 (Prior Session Legislation)

Bill Title: Provides taxpayers 55 years of age or over with a personal income tax credit in an amount equal to 10% of the annual premium paid for a long term health care insurance contract.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2018-06-14 - held for consideration in ways and means [A06934 Detail]

Download: New_York-2017-A06934-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         6934--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     March 24, 2017
                                       ___________
        Introduced  by  M. of A. OAKS, BLANKENBUSH, WALTER -- Multi-Sponsored by
          -- M. of A.  BARCLAY, FITZPATRICK, HAWLEY -- read once and referred to
          the Committee on Ways and Means -- recommitted  to  the  Committee  on
          Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        AN ACT to amend the tax law, in relation to authorizing a tax credit for
          individuals who purchase long term health insurance policies
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Legislative intent.   The legislature has  hitherto  recog-
     2  nized  the need to increase the availability of private health insurance
     3  for long term care services provided in residential health care  facili-
     4  ties  and  community-based  settings.    It is the intent of this act to
     5  further encourage the development of such plans through the provision of
     6  tax credits for individuals who purchase state-sanctioned long term care
     7  health insurance plans.
     8    § 2. Section 606 of the tax law is amended by adding a new  subsection
     9  (h-1) to read as follows:
    10    (h-1)  Credit for purchase of long term care health insurance.  (1)  A
    11  taxpayer who is fifty-five years of age or  older  shall  be  allowed  a
    12  credit  to  be  credited  against  the tax imposed by this article in an
    13  amount equal to ten percent of the annual  premium  paid  on  and  after
    14  January first, two thousand eighteen for a contract issued in connection
    15  with  a  health  insurance  plan  for  long term care as provided for in
    16  section one thousand one hundred seventeen of the insurance law.
    17    (2)  In no event shall the amount of the credit provided for  in  this
    18  subsection  be  allowed  in  excess of the taxpayer's tax for such year.
    19  However,  if  the  amount  of  credit  otherwise  allowable  under  this
    20  subsection  for  any  taxable  year  results  in such excess amount, any
    21  amount of credit not deductible in such taxable year may be carried over
    22  to the following year or years and may be deducted from  the  taxpayer's
    23  tax for such year or years.
    24    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06370-03-8