Bill Text: NY A07225 | 2019-2020 | General Assembly | Introduced

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Bill Title: Provides that the tax credits for long-term health care insurance shall be up to $1,000 of the premiums paid for each policy of such insurance.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A07225 Detail]

Download: New_York-2019-A07225-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7225
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     April 15, 2019
                                       ___________
        Introduced by M. of A. CUSICK -- read once and referred to the Committee
          on Ways and Means
        AN  ACT  to  amend the tax law and the insurance law, in relation to the
          tax credits for premiums paid for 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  taxpayer  shall be allowed a credit not to exceed one
     5  thousand dollars for each policy of insurance, against the  tax  imposed
     6  by this article equal to [twenty percent] the amount of the premium paid
     7  during the taxable year for long-term care insurance. In order to quali-
     8  fy  for  such  credit,  the  taxpayer's  premium payment must be for the
     9  purchase of or for continuing coverage under a long-term care  insurance
    10  policy  that  qualifies for such credit pursuant to section one thousand
    11  one hundred seventeen of the insurance law.
    12    § 2. Paragraph (a) of subdivision 14 of section 210-B of the tax  law,
    13  as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
    14  amended to read as follows:
    15    (a) General. A taxpayer shall be allowed a credit, not to  exceed  one
    16  thousand  dollars  for each policy of insurance, against the tax imposed
    17  by this article equal to [twenty percent] the amount of the premium paid
    18  during the taxable year for long-term care insurance. In order to quali-
    19  fy for such credit, the taxpayer's  premium  payment  must  be  for  the
    20  purchase  of or for continuing coverage under a long-term care insurance
    21  policy that qualifies for such credit pursuant to section  one  thousand
    22  one hundred seventeen of the insurance law.
    23    §  3. Paragraph 1 of subsection (aa) of section 606 of the tax law, as
    24  amended by section 1 of part P of chapter 61 of the  laws  of  2005,  is
    25  amended to read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06655-01-9
        A. 7225                             2
     1    (1) Residents. A taxpayer shall be allowed a credit, not to exceed one
     2  thousand  dollars  for each policy of insurance, against the tax imposed
     3  by this article equal to [twenty percent] the amount of the premium paid
     4  during the taxable year for long-term care insurance. In order to quali-
     5  fy  for  such  credit,  the  taxpayer's  premium payment must be for the
     6  purchase of or for continuing coverage under a long-term care  insurance
     7  policy  that  qualifies for such credit pursuant to section one thousand
     8  one hundred seventeen of the insurance law. If the amount of the  credit
     9  allowable  under  this  subsection for any taxable year shall exceed the
    10  taxpayer's tax for such year, the excess may  be  carried  over  to  the
    11  following  year or years and may be deducted from the taxpayer's tax for
    12  such year or years.
    13    § 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
    14  amended by section 21 of part B of chapter 58 of the laws  of  2004,  is
    15  amended to read as follows:
    16    (1)  A  taxpayer shall be allowed a credit, not to exceed one thousand
    17  dollars for each policy of insurance, against the tax  imposed  by  this
    18  article  equal to [twenty percent] the amount of the premium paid during
    19  the taxable year for long-term care insurance. In order to  qualify  for
    20  such  credit, the taxpayer's premium payment must be for the purchase of
    21  or for continuing coverage under a long-term care insurance policy  that
    22  qualifies  for  such credit pursuant to section one thousand one hundred
    23  seventeen of the insurance law.
    24    § 5. Paragraph 1 of subsection (g) of section 1117  of  the  insurance
    25  law,  as  amended by chapter 417 of the laws of 2001, is amended to read
    26  as follows:
    27    (1) Except for certain group contracts described in paragraph four  of
    28  this subsection, in order for premium payments for long-term care insur-
    29  ance  to qualify for purposes of section one hundred ninety, subdivision
    30  [twenty-five-a] fourteen of section two hundred [ten] ten-B,  subsection
    31  (aa) of section six hundred six[, subsection (k) of section one thousand
    32  four  hundred fifty-six] and subsection (m) of section one thousand five
    33  hundred eleven of the tax law, the  long-term  care  insurance  must  be
    34  approved  by  the  superintendent  pursuant to this subsection. Prior to
    35  approving any such insurance, the superintendent shall conclude that  it
    36  meets  minimum  standards,  including minimum loss ratio standards under
    37  this section or section three thousand two hundred twenty-nine  of  this
    38  chapter  and is a qualified long-term care insurance contract as defined
    39  in section 7702B of the internal revenue code.
    40    § 6. This act shall take effect on the first of January next  succeed-
    41  ing the date on which it shall have become a law.