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

                                  9314

                          I N  A S S E M B L Y

                            February 17, 2016
                               ___________

Introduced by M. of A. CUSICK -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to  amend the tax law and the insurance law, in relation to the
  tax credits for premiums paid for long-term care insurance

  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 NOT TO EXCEED ONE
THOUSAND DOLLARS FOR EACH POLICY OF INSURANCE, against the  tax  imposed
by this article equal to [twenty percent] THE AMOUNT of the premium paid
during the taxable year for long-term care insurance. In order to quali-
fy  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 (a) of subdivision 14 of section 210-B of the tax  law,
as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
amended to read as follows:
  (a) General. A taxpayer shall be allowed a credit, NOT TO  EXCEED  ONE
THOUSAND  DOLLARS  FOR EACH POLICY OF INSURANCE, against the tax imposed
by this article equal to [twenty percent] THE AMOUNT of the premium paid
during the taxable year for long-term care insurance. In order to quali-
fy 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  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, NOT TO EXCEED ONE
THOUSAND  DOLLARS  FOR EACH POLICY OF INSURANCE, against the tax imposed
by this article equal to [twenty percent] THE AMOUNT of the premium paid

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD13632-01-6

A. 9314                             2

during the taxable year for long-term care insurance. In order to quali-
fy 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 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, NOT TO EXCEED ONE THOUSAND
DOLLARS FOR EACH POLICY OF INSURANCE, against the tax  imposed  by  this
article  equal to [twenty percent] THE AMOUNT 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 subsection (g) of section 1117  of  the  insurance
law,  as  amended by chapter 417 of the laws of 2001, is amended to read
as follows:
  (1) Except for certain group contracts described in paragraph four  of
this subsection, in order for premium payments for long-term care insur-
ance  to qualify for purposes of section one hundred ninety, subdivision
[twenty-five-a] FOURTEEN of section two hundred [ten] TEN-B,  subsection
(aa) of section six hundred six[, subsection (k) of section one thousand
four  hundred fifty-six] and subsection (m) of section one thousand five
hundred eleven of the tax law, the  long-term  care  insurance  must  be
approved  by  the  superintendent  pursuant to this subsection. Prior to
approving any such insurance, the superintendent shall conclude that  it
meets  minimum  standards,  including minimum loss ratio standards under
this section or section three thousand two hundred twenty-nine  of  this
chapter  and is a qualified long-term care insurance contract as defined
in section 7702B of the internal revenue code.
  S 6. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.