S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3548
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2023
                                ___________
 
 Introduced  by  M.  of  A.  STERN  --  Multi-Sponsored  by  --  M. of A.
   J. M. GIGLIO, RIVERA -- read once and referred  to  the  Committee  on
   Ways and Means
 
 AN  ACT  to  amend  the  tax law, in relation to raising tax credits for
   long-term care insurance from twenty percent to fifty percent

   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] FIFTY percent 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.
   §  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 against the tax
 imposed by this article equal to [twenty] FIFTY percent 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.
   §  3. 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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02521-01-3
 A. 3548                             2
              

 
   (1) Residents. There shall be allowed a credit against the tax imposed
 by  this  article  in  an  amount equal to [twenty] FIFTY 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.
   § 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 against the  tax  imposed  by
 this  article equal to [twenty] FIFTY percent 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.  This act shall take effect immediately and shall apply to  taxa-
 ble  years  beginning  on  or  after the first of January of the year in
 which it shall have become a law.