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

This bill amends the tax law to remove the $1500 cap on the maximum amount and the gross income requirement for the long-term care insurance credit. Previously, the credit was capped at $1500 and only available to those with a New York adjusted gross income below $250,000. Now, the credit amount is no longer capped, and there is no income requirement to qualify. The change applies to taxable years beginning on and after January 1, 2025.

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

This bill amends the tax law to remove the $1500 cap on the maximum amount and the gross income requirement for the long-term care insurance credit. Previously, the credit was capped at $1500 and only available to those with a New York adjusted gross income below $250,000. Now, the credit amount is no longer capped, and there is no income requirement to qualify. The change applies to taxable years beginning on and after January 1, 2025.