S T A T E O F N E W Y O R K
________________________________________________________________________
6168
2017-2018 Regular Sessions
I N S E N A T E
May 11, 2017
___________
Introduced by Sen. LANZA -- 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 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.
§ 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.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11627-01-7
S. 6168 2
§ 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
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.
§ 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.
§ 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.
§ 6. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.
