State Tax Incentives for Long-Term Care Insurance

Credit: A credit is allowed equal to 20% of the premium paid during the taxable year for long-term care insurance approved by the Superintendent of Insurance provided policy qualifies for such credit pursuant to Section 1117. If the amount of credit allowable under this subsection for any taxable year shall exceed the taxpayer’s tax for such year, the excess may be carried over to the following year or years and may be deducted from the Taxpayer’s tax from such year or years and applies to taxable years beginning on or after January 1, 2004.

N. Y. Tax Law §606(aa)