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NEW YORK • NEW JERSEY • CONNECTICUT • VIRGINIA
New York State 20% Tax Credit & other Tax Advantages of Long Term Care Insurance
In 1997 the state of New York passed legislation for favorable state tax treatment of premiums paid for policies which qualify under the federal law and meet New York minimum standards. Long Term Care premium tax credit legislation was passed in 2000 and took effect in 2002.
In 2004, additional legislation was passed increasing the tax credit for LTC Insurance premiums from 10% to 20% for taxable years beginning in 2004. Any policy covering Long Term Care services that was approved in NY and issued before January 1, 1997, also qualifies for favorable tax treatment with certain exceptions. In other words a taxpayer who pays premiums for a qualified LTC Insurance may claim a credit against their personal income tax, the credit is equal to 20% of their premiums paid during the tax year. Click here for instructions on how to claim for the LTC Insurance credit.
For further information regarding tax implications you should contact an attorney, accountant or tax advisor.
Click Here To To Find Out About the New York Partnership Program