Senate Bill S6442

2021-2022 Legislative Session

Eliminates the cap on the maximum amount and the gross income requirement for the long-term care insurance credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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

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2021-S6442 (ACTIVE) - Details

See Assembly Version of this Bill:
A6683
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2023-2024 Legislative Session:
S3401, A3654

2021-S6442 (ACTIVE) - Summary

Eliminates the $1500 cap on the maximum amount and the gross income requirement for the long-term care insurance credit.

2021-S6442 (ACTIVE) - Sponsor Memo

2021-S6442 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6442
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 28, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to eliminating the cap  on  the
   maximum amount and the gross income requirement for the long-term care
   insurance credit

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 1 of subsection (aa) of section 606  of  the  tax
 law,  as  amended  by  section  1 of part E of chapter 59 of the laws of
 2020, is amended to read as follows:
   (1) Residents. There shall be allowed a credit against the tax imposed
 by this article in an amount equal to twenty  percent  of  the  premiums
 paid  during  the taxable year for long-term care insurance. [The credit
 amount shall not exceed one thousand five hundred dollars and  shall  be
 allowed only if the amount of New York adjusted gross income required to
 be  reported  on  the  return  is  less  than two hundred fifty thousand
 dollars.] 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. 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.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2021.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10562-01-1

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