Bill > A07658

This bill modifies the long-term care insurance tax credit in New York state tax law to allow for a refund of excess credits. Currently, taxpayers can claim a credit equal to 20% of premiums paid for long-term care insurance, with a maximum credit of $1,500, available only to those with a New York adjusted gross income under $250,000. The key change is that if the credit amount exceeds the taxpayer's tax liability after applying other credits, the excess can now be refunded directly to the taxpayer by the comptroller, rather than simply being carried forward to future tax years. For nonresident and part-year resident taxpayers, the credit will still be proportionally limited based on their New York source income. The bill will take effect immediately and apply to taxable years beginning on or after January 1st following its enactment, providing more immediate financial benefit to taxpayers who qualify for the long-term care insurance credit.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7658