Eliminates the $1500 cap and gross income requirement for the long-term care insurance credit.

New York Assembly Bill A06883 amends the tax law to remove the $1500 cap and the gross income requirement for the long-term care insurance credit. This credit allows taxpayers to deduct 20% of their long-term care insurance premiums from their state taxes. The bill applies to taxable years beginning on and after January 1, 2025.

Eliminates the $1500 cap and gross income requirement for the long-term care insurance credit.

New York Assembly Bill A06883 amends the tax law to remove the $1500 cap and the gross income requirement for the long-term care insurance credit. This credit allows taxpayers to deduct 20% of their long-term care insurance premiums from their state taxes. The bill applies to taxable years beginning on and after January 1, 2025.