New York A 6883: Relates to enacting additional conditions on authorized lenders of reverse mortgages

Bill Text

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A06883 Summary:

BILL NOA06883 

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SAME ASSAME AS S04698

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SPONSORPretlow

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COSPNSR

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MLTSPNSR

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Amd §606, Tax L

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Eliminates the $1500 cap on the maximum amount and the gross income requirement for the long-term care insurance credit.

Go to top A06883 Actions:

BILL NOA06883 

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03/18/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA06883 Committee&nbspVotes:

Go to topA06883 Floor&nbspVotes:

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

Go to topA06883 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6883

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 18, 2025
 ___________

 Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
 tee on Ways and Means

 AN ACT to amend the tax law, in relation to eliminating the cap on the
 maximum amount and the gross income requirement for the long-term care
 insurance credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph 1 of subsection (aa) of section 606 of the tax
 2 law, as amended by section 1 of part E of chapter 59 of the laws of
 3 2020, is 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 of the premiums
 6 paid during the taxable year for long-term care insurance. [The credit
 7 amount shall not exceed one thousand five hundred dollars and shall be
 8 allowed only if the amount of New York adjusted gross income required to
 9 be reported on the return is less than two hundred fifty thousand
 10 dollars.] In order to qualify for such credit, the taxpayer's premium
 11 payment must be for the purchase of or for continuing coverage under a
 12 long-term care insurance policy that qualifies for such credit pursuant
 13 to section one thousand one hundred seventeen of the insurance law. If
 14 the amount of the credit allowable under this subsection for any taxable
 15 year shall exceed the taxpayer's tax for such year, the excess may be
 16 carried over to the following year or years and may be deducted from the
 17 taxpayer's tax for such year or years.
 18 § 2. This act shall take effect immediately and shall apply to taxable
 19 years beginning on and after January 1, 2025.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09375-01-5

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