Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 12, 2016 |
print number 7603a |
Jan 12, 2016 |
amend (t) and recommit to ways and means |
Jan 06, 2016 |
referred to ways and means |
May 20, 2015 |
referred to ways and means |
Assembly Bill A7603A
2015-2016 Legislative Session
Sponsored By
GJONAJ
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
Bill Amendments
2015-A7603 - Details
2015-A7603 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7603 2015-2016 Regular Sessions I N A S S E M B L Y May 20, 2015 ___________ Introduced by M. of A. GJONAJ -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to credits 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: Section 1. Subdivision 1 of section 190 of the tax law, as amended by section 102 of part A of chapter 59 of the laws of 2014, is amended to read as follows: 1. General. A taxpayer shall be allowed a credit against the tax imposed by this article equal to [twenty percent] THE FOLLOWING PERCENT- AGES of the premium paid during the taxable year for long-term care insurance OR A LIFE INSURANCE POLICY OR POLICY RIDER PURSUANT TO SUBPAR- AGRAPH (C), (D), (E) OR (F) OF PARAGRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW: (A) FORTY PERCENT IF THE INSURED IS LESS THAN FORTY YEARS OF AGE AT THE END OF THE TAX YEAR FOR THE FIRST FOUR POLICY YEARS; (B) THIRTY PERCENT IF THE INSURED IS LESS THAN FIFTY YEARS OF AGE, BUT FORTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR FOR THE FIRST FOUR POLICY YEARS; (C) TWENTY-FIVE PERCENT IF THE INSURED IS LESS THAN FIFTY-FIVE YEARS OF AGE, BUT FIFTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR FOR THE FIRST FOUR POLICY YEARS; OR (D) TWENTY PERCENT IF THE INSURED IS FIFTY-FIVE OR MORE YEARS OF AGE AT THE END OF THE TAX YEAR, AND FOR ALL OTHER INSUREDS WHO HAVE HAD A POLICY FOR FIVE YEARS OR MORE. 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. LBD09827-01-5
co-Sponsors
Andrew R. Garbarino
Andrew Raia
Raymond Walter
multi-Sponsors
Jo Anne Simon
2015-A7603A (ACTIVE) - Details
2015-A7603A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7603--A 2015-2016 Regular Sessions I N A S S E M B L Y May 20, 2015 ___________ Introduced by M. of A. GJONAJ -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee 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: Section 1. Subdivision 1 of section 190 of the tax law, as amended by section 102 of part A of chapter 59 of the laws of 2014, is amended to read as follows: 1. General. A taxpayer shall be allowed a credit against the tax imposed by this article equal to [twenty percent] THE FOLLOWING PERCENT- AGES of the premium paid during the taxable year for long-term care insurance OR FOR A POLICY RIDER TO A LIFE INSURANCE POLICY ISSUED PURSU- ANT TO SUBPARAGRAPH (C), (D), (E) OR (F) OF PARAGRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW: (A) FORTY PERCENT IF THE INSURED IS LESS THAN FORTY YEARS OF AGE AT THE END OF THE TAX YEAR FOR THE FIRST FOUR POLICY YEARS; (B) THIRTY PERCENT IF THE INSURED IS LESS THAN FIFTY YEARS OF AGE, BUT FORTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR FOR THE FIRST FOUR POLICY YEARS; (C) TWENTY-FIVE PERCENT IF THE INSURED IS LESS THAN FIFTY-FIVE YEARS OF AGE, BUT FIFTY OR MORE YEARS OF AGE, AT THE END OF THE TAX YEAR FOR THE FIRST FOUR POLICY YEARS; OR (D) TWENTY PERCENT IF THE INSURED IS FIFTY-FIVE OR MORE YEARS OF AGE AT THE END OF THE TAX YEAR, AND FOR ALL OTHER INSUREDS WHO HAVE HAD A POLICY FOR FIVE YEARS OR MORE. 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09827-03-6
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