Bill > A07654

This bill increases the tax credit for long-term care insurance from 20% to 50% across multiple tax types, including corporation tax, franchise tax on business corporations, personal income tax, and franchise tax on insurance corporations. The bill applies to taxpayers who purchase or maintain long-term care insurance policies that qualify under section one thousand one hundred seventeen of the insurance law. For personal income tax, the credit is capped at $1,500 and is only available to taxpayers 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 immediately and apply to taxable years beginning on or after January 1st of the year it becomes law, effectively providing a more substantial tax incentive for individuals and businesses to invest in long-term care insurance.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7654