Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to investigations and government operations |
Jan 25, 2011 |
referred to investigations and government operations |
Senate Bill S2559
2011-2012 Legislative Session
Sponsored By
(R, C, IP, RFM) 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
2011-S2559 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A3789
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยงยง190, 606, 1456, 1511 & 210, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2009-2010:
S3201, A6893
2013-2014: A6450
2011-S2559 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2559 TITLE OF BILL: An act to amend the tax law, in relation to long-term care insurance tax credits PURPOSE OR GENERAL IDEA OF BILL: This legislation would enhance the tax incentives for the purchase of long-term care insurance policies. SUMMARY OF PROVISIONS: This legislation amends subdivision 1 of section 190 of the tax law, paragraph 1 of subsection aa of section 606 of the tax law, subdivision 1 of subdivision k of section 1456 of the tax law, paragraph 1 of subsection m of section 1511 of the tax law, and paragraph a of subdivision 25-a of section 210 of the tax law, to provide a tax credit equal to 75% of the premium paid during the first taxable year in which the long-term care insurance was purchased, 50% of the premium paid in the following year, and 25% of the premium in the third year. In order to qualify for a credit, the premium payment must be for the purchase of or for continuing coverage under a long-term care insurance policy that qualifies for
2011-S2559 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2559 2011-2012 Regular Sessions I N S E N A T E January 25, 2011 ___________ Introduced by Sen. SEWARD -- 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 long-term care insurance tax credits 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] SEVENTY-FIVE percent of the premium paid during the taxable year [for] IN WHICH THE long-term care insurance WAS PURCHASED, FIFTY PERCENT OF THE PREMIUM PAID IN THE FOLLOWING YEAR AND TWENTY-FIVE PERCENT OF THE PREMIUM PAID IN THE THIRD YEAR. 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 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] SEVENTY-FIVE percent of the premium paid during the taxable year [for] IN WHICH THE long-term care insurance WAS PURCHASED, FIFTY PERCENT OF THE PREMIUM PAID IN THE FOLLOWING YEAR AND TWENTY-FIVE PERCENT OF THE PREMIUM PAID IN THE THIRD YEAR. In order to qualify for such credit, the taxpayer's premium payment must be for the purchase of or for continuing coverage under a EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05408-01-1
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