Bill > S08911

This bill increases the tax credit available for individuals who purchase long-term care insurance, which is a type of insurance that helps cover the costs of care when someone needs assistance with daily living activities due to aging, chronic illness, or disability. Specifically, the bill raises the credit from twenty percent to forty percent of the premium paid for such insurance, and it also increases the maximum credit amount from one thousand five hundred dollars to two thousand five hundred dollars per year for eligible taxpayers whose New York adjusted gross income is less than two hundred fifty thousand dollars. These changes aim to make long-term care insurance more affordable and accessible, encouraging more people to plan for future care needs.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8911