Bill Text: NY S03772 | 2011-2012 | General Assembly | Introduced

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Bill Title: Increases long-term care insurance credit from 20% to 35%.

Spectrum: Partisan Bill (Republican 9-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S03772 Detail]

Download: New_York-2011-S03772-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3772
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                     March 3, 2011
                                      ___________
       Introduced  by  Sens. RANZENHOFER, DeFRANCISCO, GOLDEN, JOHNSON, LARKIN,
         LAVALLE, MAZIARZ, O'MARA -- 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, in relation to increasing long-term care
         insurance credits
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraph  1 of subsection (aa) of section 606 of the tax
    2  law, as amended by section 1 of part P of chapter  61  of  the  laws  of
    3  2005, is amended to read as follows:
    4    (1)  Residents.  A  taxpayer shall be allowed a credit against the tax
    5  imposed by this article equal to [twenty]  THIRTY-FIVE  percent  of  the
    6  premium  paid  during  the taxable year for long-term care insurance. In
    7  order to qualify for such credit, the taxpayer's premium payment must be
    8  for the purchase of or for continuing coverage under  a  long-term  care
    9  insurance  policy that qualifies for such credit pursuant to section one
   10  thousand one hundred seventeen of the insurance law. If  the  amount  of
   11  the  credit  allowable  under this subsection for any taxable year shall
   12  exceed the taxpayer's tax for such year, the excess may be carried  over
   13  to  the  following year or years and may be deducted from the taxpayer's
   14  tax for such year or years.
   15    S 2. This act shall take effect immediately and shall apply to taxable
   16  years beginning on or after the first of  January  next  succeeding  the
   17  date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02588-01-1