Bill > A07225

This bill amends the tax law and the insurance law to provide that the tax credits for long-term health care insurance premiums shall be up to $1,000 for each policy of such insurance. The bill removes the previous 20% credit limit and allows the full amount of the premiums paid during the taxable year to be credited, up to $1,000 per policy. This change applies to the tax credits available under various sections of the tax law, including for personal income tax and corporate franchise tax. The bill also clarifies that the long-term care insurance policy must be approved by the superintendent of insurance in order to qualify for the tax credit.