Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to ways and means |
Jan 11, 2011 |
referred to ways and means |
Assembly Bill A1594
2011-2012 Legislative Session
Sponsored By
JAFFEE
Archive: Last Bill Status - In Assembly 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
Sandy Galef
Mike Spano
multi-Sponsors
Robert Sweeney
2011-A1594 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยงยง190 & 606, Tax L
- Versions Introduced in 2009-2010 Legislative Session:
-
A3293
2011-A1594 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1594 2011-2012 Regular Sessions I N A S S E M B L Y January 11, 2011 ___________ Introduced by M. of A. JAFFEE, GALEF, SPANO -- Multi-Sponsored by -- M. of A. SWEENEY -- read once and referred to the Committee on Ways and Means 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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