Bill Text: NY S06369 | 2015-2016 | General Assembly | Introduced


Bill Title: Establishes tax credits for premiums paid for life insurance which is used for long term health care.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Vetoed) 2016-12-31 - VETOED MEMO.303 [S06369 Detail]

Download: New_York-2015-S06369-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          6369
                    IN SENATE
                                     January 7, 2016
                                       ___________
        Introduced  by  Sens. KLEIN, CARLUCCI, VALESKY -- read twice and ordered
          printed, and when printed to be committed to the Committee on Investi-
          gations and Government Operations
        AN ACT to amend the tax law and the insurance law, in relation to  cred-
          its for premiums paid for long-term care insurance policies
          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  percent  of  the  premium  paid
     6  during  the  taxable  year  for long-term care insurance or for a policy
     7  rider to a life insurance policy issued pursuant  to  subparagraph  (C),
     8  (D),  (E) or (F) of paragraph one of subsection (a) of section one thou-
     9  sand one hundred thirteen of the insurance law.
    10    In order to qualify for such credit, the  taxpayer's  premium  payment
    11  must be for the purchase of or for continuing coverage under a long-term
    12  care insurance policy that qualifies for such credit pursuant to section
    13  one thousand one hundred seventeen of the insurance law.
    14    §  2. Paragraph (a) of subdivision 14 of section 210-B of the tax law,
    15  as added by section 17 of part A of chapter 59 of the laws of  2014,  is
    16  amended to read as follows:
    17    (a)  General.  A  taxpayer  shall  be allowed a credit against the tax
    18  imposed by this article equal to twenty  percent  of  the  premium  paid
    19  during  the  taxable  year  for long-term care insurance or for a policy
    20  rider to a life insurance policy issued pursuant  to  subparagraph  (C),
    21  (D),  (E) or (F) of paragraph one of subsection (a) of section one thou-
    22  sand one hundred thirteen of the insurance law.
    23    In order to qualify for such credit, the  taxpayer's  premium  payment
    24  must be for the purchase of or for continuing coverage under a long-term
    25  care insurance policy that qualifies for such credit pursuant to section
    26  one thousand one hundred seventeen of the insurance law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13304-01-5
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