New York A 7654: Raises tax credits for long-term care insurance from twenty percent to fifty percent

Bill Text

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A07654 Summary:

BILL NOA07654 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORStern (MS)

&nbsp

COSPNSR

&nbsp

MLTSPNSRGiglio, Rivera

&nbsp

Amd §§190, 210-B, 606 & 1511, Tax L

&nbsp

Raises tax credits for long-term care insurance from twenty percent to fifty percent; applies to the corporation tax, franchise tax on business corporations, personal income tax, and franchise tax on insurance corporations.

Go to top A07654 Actions:

BILL NOA07654 

&nbsp

04/04/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA07654 Committee&nbspVotes:

Go to topA07654 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07654 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7654

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 4, 2025
 ___________

 Introduced by M. of A. STERN -- Multi-Sponsored by -- M. of A. 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:

 1 Section 1. Subdivision 1 of section 190 of the tax law, as amended by
 2 section 102 of part A of chapter 59 of the laws of 2014, is amended to
 3 read as follows:
 4 1. General. A taxpayer shall be allowed a credit against the tax
 5 imposed by this article equal to [twenty] fifty percent of the premium
 6 paid during the taxable year for long-term care insurance. In order to
 7 qualify for such credit, the taxpayer's premium payment must be for the
 8 purchase of or for continuing coverage under a long-term care insurance
 9 policy that qualifies for such credit pursuant to section one thousand
 10 one hundred seventeen of the insurance law.
 11 § 2. Paragraph (a) of subdivision 14 of section 210-B of the tax law,
 12 as added by section 17 of part A of chapter 59 of the laws of 2014, is
 13 amended to read as follows:
 14 (a) General. A taxpayer shall be allowed a credit against the tax
 15 imposed by this article equal to [twenty] fifty percent of the premium
 16 paid during the taxable year for long-term care insurance. In order to
 17 qualify for such credit, the taxpayer's premium payment must be for the
 18 purchase of or for continuing coverage under a long-term care insurance
 19 policy that qualifies for such credit pursuant to section one thousand
 20 one hundred seventeen of the insurance law.
 21 § 3. Paragraph 1 of subsection (aa) of section 606 of the tax law, as
 22 amended by section 1 of part E of chapter 59 of the laws of 2020, is
 23 amended to read as follows:
 24 (1) Residents. There shall be allowed a credit against the tax imposed
 25 by this article in an amount equal to [twenty] fifty percent of the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02561-01-5

 A. 7654 2

 1 premiums paid during the taxable year for long-term care insurance. The
 2 credit amount shall not exceed one thousand five hundred dollars and
 3 shall be allowed only if the amount of New York adjusted gross income
 4 required to be reported on the return is less than two hundred fifty
 5 thousand dollars. In order to qualify for such credit, the taxpayer's
 6 premium payment must be for the purchase of or for continuing coverage
 7 under a long-term care insurance policy that qualifies for such credit
 8 pursuant to section one thousand one hundred seventeen of the insurance
 9 law. If the amount of the credit allowable under this subsection for any
 10 taxable year shall exceed the taxpayer's tax for such year, the excess
 11 may be carried over to the following year or years and may be deducted
 12 from the taxpayer's tax for such year or years.
 13 § 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
 14 amended by section 21 of part B of chapter 58 of the laws of 2004, is
 15 amended to read as follows:
 16 (1) A taxpayer shall be allowed a credit against the tax imposed by
 17 this article equal to [twenty] fifty percent of the premium paid during
 18 the taxable year for long-term care insurance. In order to qualify for
 19 such credit, the taxpayer's