S T A T E   O F   N E W   Y O R K
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                                  6643

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 11, 2009
                               ___________

Introduced  by  M. of A. SCHIMMINGER, GANTT, GALEF, DelMONTE, DESTITO --
  Multi-Sponsored by  --  M.  of  A.  HOOPER,  JOHN,  MAGEE,  J. RIVERA,
  N. RIVERA,  TOWNS  --  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:

  Section 1. Subdivision 1 of section 190 of the tax law, as amended  by
section  17  of  part B of chapter 58 of the laws of 2004, is amended to
read as follows:
  1. General. A taxpayer shall be  allowed  a  credit  against  the  tax
imposed  by  this  article,  other  than  the  taxes and fees imposed by
sections one hundred eighty and one hundred eighty-one of this  article,
equal  to  [twenty] FIFTY percent of the premium paid during the taxable
year for long-term care insurance. In order to qualify for such  credit,
the  taxpayer's  premium  payment  must  be  for  the purchase of or for
continuing coverage under a long-term care insurance policy that  quali-
fies for such credit pursuant to section one thousand one hundred seven-
teen of the insurance law.
  S  2. Paragraph (a) of subdivision 25-a of section 210 of the tax law,
as amended by section 18 of part B of chapter 58 of the laws of 2004, is
amended to read as follows:
  (a) A taxpayer shall be allowed a credit against the  tax  imposed  by
this  article equal to [twenty] FIFTY percent of the premium paid during
the taxable year for long-term care insurance. In order to  qualify  for
such  credit, the taxpayer's premium payment must be for the purchase of
or for continuing coverage under a long-term care insurance policy  that
qualifies  for  such credit pursuant to section 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.
                                                           LBD06788-01-9

              

A. 6643                             2

  S 3. Paragraph 1 of subsection (aa) of section 606 of the tax law,  as
amended  by  section  1  of part P of chapter 61 of the laws of 2005, is
amended to read as follows:
  (1)  Residents.  A  taxpayer shall be allowed a credit against the tax
imposed by this article equal to [twenty] FIFTY percent of  the  premium
paid  during  the taxable year for long-term care insurance. In order to
qualify for such credit, the taxpayer's premium payment must be for  the
purchase  of or for continuing coverage under a long-term care insurance
policy that qualifies for such credit pursuant to section  one  thousand
one  hundred seventeen of the insurance law. If the amount of the credit
allowable under this subsection for any taxable year  shall  exceed  the
taxpayer's  tax  for  such  year,  the excess may be carried over to the
following year or years and may be deducted from the taxpayer's tax  for
such year or years.
  S  4. Paragraph 1 of subsection (k) of section 1456 of the tax law, as
amended by section 20 of part B of chapter 58 of the laws  of  2004,  is
amended to read as follows:
  (1)  A  taxpayer  shall be allowed a credit against the tax imposed by
this article equal to [twenty] FIFTY percent of the premium paid  during
the  taxable  year for long-term care insurance. In order to qualify for
such credit, the taxpayer's premium payment must be for the purchase  of
or  for continuing coverage under a long-term care insurance policy that
qualifies for such credit pursuant to section one thousand  one  hundred
seventeen of the insurance law.
  S 5. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
amended  by  section  21 of part B of chapter 58 of the laws of 2004, is
amended to read as follows:
  (1) A taxpayer shall be allowed a credit against the  tax  imposed  by
this  article equal to [twenty] FIFTY percent of the premium paid during
the taxable year for long-term care insurance. In order to  qualify  for
such  credit, the taxpayer's premium payment must be for the purchase of
or for continuing coverage under a long-term care insurance policy  that
qualifies  for  such credit pursuant to section one thousand one hundred
seventeen of the insurance law.
  S 6.  This act shall take effect immediately and shall apply to  taxa-
ble  years  beginning  on  or  after the first of January of the year in
which it shall have become a law.