Bill > S07105

This bill modifies existing tax law to change the tax credit for long-term health care insurance premiums across multiple sections of New York state tax law. Previously, taxpayers could claim a tax credit equal to 20% of their long-term care insurance premiums, with some variations in maximum credit amounts. The bill standardizes the credit to be up to $1,000 per insurance policy, regardless of the total premium paid. The credit remains available for taxpayers who purchase or maintain long-term care insurance policies that meet specific qualifications under section one thousand one hundred seventeen of the insurance law. The credit is applicable to various types of taxpayers, including residents and those subject to different tax articles, and is subject to income limitations (for example, the credit for residents is only available to those with a New York adjusted gross income below $250,000). If the credit amount exceeds the taxpayer's tax liability for a given year, the excess can be carried forward to future tax years. The bill will take effect on the first day of January following its enactment.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7105