Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 20, 2015 |
vetoed memo.268 |
Nov 10, 2015 |
delivered to governor |
Jun 18, 2015 |
returned to senate passed assembly ordered to third reading rules cal.675 substituted for a7607a |
Jun 16, 2015 |
referred to ways and means delivered to assembly passed senate |
Jun 11, 2015 |
ordered to third reading cal.1498 committee discharged and committed to rules |
Jun 02, 2015 |
print number 5230a |
Jun 02, 2015 |
amend and recommit to finance |
May 27, 2015 |
reported and committed to finance |
May 08, 2015 |
referred to investigations and government operations |
Senate Bill S5230A
Vetoed By Governor2015-2016 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(D, IP) Senate District
2015-S5230 - Details
- See Assembly Version of this Bill:
- A7607
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§190, 210-B, 606 & 1511, Tax L
2015-S5230 - Sponsor Memo
BILL NUMBER:S5230 TITLE OF BILL: An act to amend the tax law, in relation to credits for premiums paid for long-term care insurance policies PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to expand upon the provisions of Chapter. 563 of the Laws of 2010 and Chapter 465 of the Laws of 2014, which expanded the types of end of life care that can be financed by an accelerated death benefit rider attached to a life insurance policy. Under these new laws, persons who have resided in a nursing home for three months or more or require end of life or palliative care for three months or more at a residential, health care facility, receive home care services or hospice care and such services are expected to be needed until death can now be financed by a life insurance policy rider. This bill expands the current tax credit inducements that exist for the purchase of long term care insurance to also include these new life insurance policy riders. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Amends Tax Law section 190 to expand the tax credit for purchasing long term care insurance (20% of the premium paid) to include a policy rider to a life insurance policy (30% of the premium paid for such rider)that provides for long term care-like coverages. The reason for this expansion is because, under new laws recently
2015-S5230 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5230 2015-2016 Regular Sessions I N S E N A T E May 8, 2015 ___________ Introduced by Sens. KLEIN, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to credits for premiums paid for long-term care insurance policies 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 percent of the premium paid during the taxable year for long-term care insurance OR THIRTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR A LIFE INSURANCE POLICY OR POLICY RIDER PURSUANT TO SUBPARAGRAPH (C), (D), (E) OR (F) OF PARA- GRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW. 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 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 percent of the premium paid during the taxable year for long-term care insurance OR THIRTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR A LIFE INSURANCE POLICY OR POLICY RIDER PURSUANT TO SUBPARAGRAPH (C), (D), (E) OR (F) OF PARA- GRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09828-01-5
co-Sponsors
(D) Senate District
(D, IP) Senate District
2015-S5230A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7607
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§190, 210-B, 606 & 1511, Tax L
2015-S5230A (ACTIVE) - Sponsor Memo
BILL NUMBER:S5230A TITLE OF BILL: An act to amend the tax law, in relation to credits for premiums paid for long-term care insurance policies PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to expand upon the provisions of Chapter 563 of the Laws of 2010 and Chapter 465 of the Laws of 2014, which expanded the types of end of life care that can be financed by an accelerated death benefit rider attached to a life insurance policy. Under these new laws, persons who have resided in a nursing home for three months or more or require end of life or palliative care for three months or more at a residential, health care facility, receive home care services or hospice care and such services are expected to be needed until death can now be financed by a life insurance policy rider. This bill expands the current tax credit inducements that exist for the purchase of long term care insurance to also include these new life insurance policy riders. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Amends Tax Law section 190 to extend the tax credit for purchasing long term care insurance (20% of the premium paid) to include a policy rider to a life insurance policy that provides for long term care-like coverages. The reason for this expansion is
2015-S5230A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5230--A 2015-2016 Regular Sessions I N S E N A T E May 8, 2015 ___________ Introduced by Sens. KLEIN, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- reported favorably from said committee and committed to the Committee on Finance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to credits for premiums paid for long-term care insurance policies 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 percent of the premium paid during the taxable year for long-term care insurance OR FOR A POLICY RIDER TO A LIFE INSURANCE POLICY ISSUED PURSUANT TO SUBPARAGRAPH (C), (D), (E) OR (F) OF PARAGRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOU- SAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW. 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 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 percent of the premium paid during the taxable year for long-term care insurance OR FOR A POLICY RIDER TO A LIFE INSURANCE POLICY ISSUED PURSUANT TO SUBPARAGRAPH (C), EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09828-02-5
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