New York S 7105: Relates to tax credits for premiums paid for long-term care insurance

Bill Text

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S07105 Summary:

BILL NOS07105 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORLANZA

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§190, 210-B, 606 & 1511, Tax L; amd §1117, Ins L

&nbsp

Provides that the tax credits for long-term health care insurance shall be up to $1,000 of the premiums paid for each policy of such insurance.

Go to top S07105 Actions:

BILL NOS07105 

&nbsp

04/01/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS07105 Committee&nbspVotes:

Go to topS07105 Floor&nbspVotes:

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

Go to topS07105 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7105

 2025-2026 Regular Sessions

 IN SENATE

 April 1, 2025
 ___________

 Introduced by Sen. LANZA -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend the tax law and the insurance law, in relation to the
 tax credits for premiums paid for long-term care insurance

 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 not to exceed one
 5 thousand dollars for each policy of insurance, against the tax imposed
 6 by this article equal to [twenty percent] the amount of the premium paid
 7 during the taxable year for long-term care insurance. In order to quali-
 8 fy for such credit, the taxpayer's premium payment must be for the
 9 purchase of or for continuing coverage under a long-term care insurance
 10 policy that qualifies for such credit pursuant to section one thousand
 11 one hundred seventeen of the insurance law.
 12 § 2. Paragraph (a) of subdivision 14 of section 210-B of the tax law,
 13 as added by section 17 of part A of chapter 59 of the laws of 2014, is
 14 amended to read as follows:
 15 (a) General. A taxpayer shall be allowed a credit, not to exceed one
 16 thousand dollars for each policy of insurance, against the tax imposed
 17 by this article equal to [twenty percent] the amount of the premium paid
 18 during the taxable year for long-term care insurance. In order to quali-
 19 fy for such credit, the taxpayer's premium payment must be for the
 20 purchase of or for continuing coverage under a long-term care insurance
 21 policy that qualifies for such credit pursuant to section one thousand
 22 one hundred seventeen of the insurance law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11418-01-5

 S. 7105 2

 1 § 3. Paragraph 1 of subsection (aa) of section 606 of the tax law, as
 2 amended by section 1 of part E of chapter 59 of the laws of 2020, is
 3 amended to read as follows:
 4 (1) Residents. There shall be allowed a credit against the tax imposed
 5 by this article in an amount equal to [twenty percent] the amount of the
 6 premiums paid during the taxable year for long-term care insurance. The
 7 credit amount shall not exceed one thousand [five hundred] dollars for
 8 each policy of insurance and shall be allowed only if the amount of New
 9 York adjusted gross income required to be reported on the return is less
 10 than two hundred fifty thousand dollars. In order to qualify for such
 11 credit, the taxpayer's premium payment must be for the purchase of or
 12 for continuing coverage under a long-term care insurance policy that
 13 qualifies for such credit pursuant to section one thousand one hundred
 14 seventeen of the insurance law. If the amount of the credit allowable
 15 under this subsection for any taxable year shall exceed the taxpayer's
 16 tax for such year, the excess may be carried over to the following year
 17 or years and may be deducted from the taxpayer's tax for such year or
 18 years.
 19 § 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
 20 amended by section 21 of part B of chapter 58 of the laws of 2004, is
 21 amended to read as follows:
 22 (1) A taxpayer shall be allowed a credit, not to exceed one thousan