Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 06, 2010 |
referred to investigations and government operations |
Feb 26, 2009 |
referred to investigations and government operations |
Senate Bill S2681
2009-2010 Legislative Session
Sponsored By
(R, C, Ind, WF) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(R, C, IP) Senate District
(R, C, IP) Senate District
2009-S2681 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A3293
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยงยง190 & 606, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
A1594
2009-S2681 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2681 TITLE OF BILL : An act to amend the tax law, in relation to increasing the tax credit for individuals who purchase long term health insurance policies PURPOSE : To increase the tax credit to fifty percent of premiums paid for long term care insurance. SUMMARY OF PROVISIONS : Sections 606 and 190 of the tax law to increase the tax credit to fifty percent of premiums paid for long term care insurance. JUSTIFICATION : This bill would encourage New Yorkers to purchase long term care insurance by providing them with a sizable tax credit. By purchasing long term care insurance, these people will also be helping to relieve the extreme financial burdens placed on local governments with regard to Medicaid by infusing private dollars into the system. LEGISLATIVE HISTORY : 2008-07 S.5283 Referred to Investigations & Government Operations 2006: S.4351-A/Amend and Recommit - Referred to Investigations and Government Operations
2009-S2681 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2681 2009-2010 Regular Sessions I N S E N A T E February 26, 2009 ___________ Introduced by Sens. MORAHAN, DeFRANCISCO, HANNON -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to increasing the 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: 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 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 3. This act shall take effect immediately.
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