Assembly Bill A7603A

2015-2016 Legislative Session

Establishes tax credits for premiums paid for life insurance which is used for long term health care

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Archive: Last Bill Status - In Assembly 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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Bill Amendments

2015-A7603 - Details

See Senate Version of this Bill:
S5229
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L; amd §1117, Ins L
Versions Introduced in 2017-2018 Legislative Session:
A5591, S3566

2015-A7603 - Summary

Establishes tax credits for premiums paid for life insurance which is used for long term health care; enhances tax credits for long term health care insurance premiums.

2015-A7603 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7603

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 20, 2015
                               ___________

Introduced by M. of A. GJONAJ -- read once and referred to the Committee
  on Ways and Means

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] THE FOLLOWING PERCENT-
AGES  of  the  premium  paid  during the taxable year for long-term care
insurance OR A LIFE INSURANCE POLICY OR POLICY RIDER PURSUANT TO SUBPAR-
AGRAPH (C), (D), (E) OR (F)  OF  PARAGRAPH  ONE  OF  SUBSECTION  (A)  OF
SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW:
  (A)  FORTY  PERCENT  IF THE INSURED IS LESS THAN FORTY YEARS OF AGE AT
THE END OF THE TAX YEAR FOR THE FIRST FOUR POLICY YEARS;
  (B) THIRTY PERCENT IF THE INSURED IS LESS THAN FIFTY YEARS OF AGE, BUT
FORTY OR MORE YEARS OF AGE, AT THE END OF THE TAX  YEAR  FOR  THE  FIRST
FOUR POLICY YEARS;
  (C)  TWENTY-FIVE  PERCENT IF THE INSURED IS LESS THAN FIFTY-FIVE YEARS
OF AGE, BUT FIFTY OR MORE YEARS OF AGE, AT THE END OF THE TAX  YEAR  FOR
THE FIRST FOUR POLICY YEARS; OR
  (D)  TWENTY  PERCENT IF THE INSURED IS FIFTY-FIVE OR MORE YEARS OF AGE
AT THE END OF THE TAX YEAR, AND FOR ALL OTHER INSUREDS WHO  HAVE  HAD  A
POLICY FOR FIVE YEARS OR MORE.
  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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09827-01-5

              

co-Sponsors

multi-Sponsors

2015-A7603A (ACTIVE) - Details

See Senate Version of this Bill:
S5229
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§190, 210-B, 606 & 1511, Tax L; amd §1117, Ins L
Versions Introduced in 2017-2018 Legislative Session:
A5591, S3566

2015-A7603A (ACTIVE) - Summary

Establishes tax credits for premiums paid for life insurance which is used for long term health care; enhances tax credits for long term health care insurance premiums.

2015-A7603A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7603--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 20, 2015
                               ___________

Introduced by M. of A. GJONAJ -- read once and referred to the Committee
  on Ways and Means -- recommitted to the Committee on Ways and Means in
  accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT to amend the tax law and the insurance law, in relation to cred-
  its 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] THE FOLLOWING PERCENT-
AGES  of  the  premium  paid  during the taxable year for long-term care
insurance OR FOR A POLICY RIDER TO A LIFE INSURANCE POLICY ISSUED PURSU-
ANT TO SUBPARAGRAPH (C), (D), (E) OR (F) OF PARAGRAPH ONE OF  SUBSECTION
(A) OF SECTION ONE THOUSAND ONE HUNDRED THIRTEEN OF THE INSURANCE LAW:
  (A)  FORTY  PERCENT  IF THE INSURED IS LESS THAN FORTY YEARS OF AGE AT
THE END OF THE TAX YEAR FOR THE FIRST FOUR POLICY YEARS;
  (B) THIRTY PERCENT IF THE INSURED IS LESS THAN FIFTY YEARS OF AGE, BUT
FORTY OR MORE YEARS OF AGE, AT THE END OF THE TAX  YEAR  FOR  THE  FIRST
FOUR POLICY YEARS;
  (C)  TWENTY-FIVE  PERCENT IF THE INSURED IS LESS THAN FIFTY-FIVE YEARS
OF AGE, BUT FIFTY OR MORE YEARS OF AGE, AT THE END OF THE TAX  YEAR  FOR
THE FIRST FOUR POLICY YEARS; OR
  (D)  TWENTY  PERCENT IF THE INSURED IS FIFTY-FIVE OR MORE YEARS OF AGE
AT THE END OF THE TAX YEAR, AND FOR ALL OTHER INSUREDS WHO  HAVE  HAD  A
POLICY FOR FIVE YEARS OR MORE.
  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09827-03-6
              

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