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NY A01507
Bill
Status
1/10/2011
Primary Sponsor
James Tedisco
Click for details
AI Summary
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Allows taxpayers age 55 and older a tax credit equal to 10% of annual premiums paid for state-sanctioned long term care health insurance plans, effective January 1, 2011.
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Credit applies to contracts issued under Insurance Law Section 1117 for long term care services in residential health care facilities and community-based settings.
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Credit cannot exceed the taxpayer's total tax liability for the year, but any excess credit amount may be carried forward to subsequent taxable years.
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Intended to encourage development and purchase of private long term care health insurance plans through tax incentives.
Legislative Description
Provides taxpayers 55 years of age or over with a personal income tax credit in an amount equal to 10% of the annual premium paid for a long term health care insurance contract.
Last Action
held for consideration in ways and means
6/19/2012