Bill > A06883

This bill modifies the New York State tax credit for long-term care insurance by eliminating two existing restrictions: the $1,500 maximum credit amount and the income limit of $250,000 for adjusted gross income. Currently, taxpayers can receive a tax credit equal to 20% of premiums paid for qualifying long-term care insurance policies, but they were previously capped at $1,500 and only eligible if their New York adjusted gross income was below $250,000. The proposed changes will allow all taxpayers, regardless of income level, to claim the full credit without the previous monetary limit. To qualify, taxpayers must still purchase or maintain a long-term care insurance policy that meets specific requirements under New York insurance law. If the credit amount exceeds the taxpayer's tax liability in a given year, the excess can still be carried forward to future tax years. The bill will take effect immediately and apply to taxable years beginning on or after January 1, 2025, potentially providing more financial support for individuals investing in long-term care insurance.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A6883