Bill > A04093

This bill amends the New York State tax law to create a new personal income tax deduction for premiums paid for long-term care insurance riders attached to life insurance policies. Specifically, taxpayers can now deduct the portion of their life insurance policy premiums that directly relates to the cost of a long-term care insurance rider. Long-term care insurance is a type of insurance that helps cover the costs of care services like nursing home care, assisted living, or in-home care for individuals who need assistance with daily activities due to age, chronic illness, or disability. The bill will take effect immediately and apply to taxable years beginning on or after January 1st of the year in which the law is enacted, providing a potential tax benefit for New York residents who have life insurance policies with long-term care insurance components.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4093