Raises tax credits for long-term care insurance from twenty percent to fifty percent.

This bill raises tax credits for long-term care insurance from twenty percent to fifty percent. It applies to the corporation tax, franchise tax on business corporations, personal income tax, and franchise tax on insurance corporations. The credit amount shall not exceed one thousand five hundred dollars and shall be allowed only if the amount of New York adjusted gross income is less than two hundred fifty thousand dollars. The bill takes effect immediately and applies to taxable years beginning on or after January 1 of the year in which it becomes law.

Raises tax credits for long-term care insurance from twenty percent to fifty percent.

This bill raises tax credits for long-term care insurance from twenty percent to fifty percent. It applies to the corporation tax, franchise tax on business corporations, personal income tax, and franchise tax on insurance corporations. The credit amount shall not exceed one thousand five hundred dollars and shall be allowed only if the amount of New York adjusted gross income is less than two hundred fifty thousand dollars. The bill takes effect immediately and applies to taxable years beginning on or after January 1 of the year in which it becomes law.