Bill > A06631

This bill grants a state personal income tax deduction for retirement plan distributions used to purchase long-term care insurance. It also exempts distributions from individual retirement accounts (IRAs) and individual retirement annuities (IRAs) from state personal income taxation when such distributions are used to purchase long-term health care insurance. The bill provides context by specifying that the deduction and exemption apply to distributions from employer-employee retirement plans and self-employed individual and owner-employee retirement plans that are deductible for federal income tax purposes. The bill also requires that any amounts deducted from federal adjusted gross income be subtracted from the premiums paid when calculating the allowable credit for long-term care insurance.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2021/A6631