S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3280
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 5, 2019
                                ___________
 
 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.
                                                            LBD06655-01-9

              

 S. 3280                             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.