Long-term care insurance credit (Article 22)

For tax years beginning on or after January 1, 2020, the credit has been amended to allow a taxpayer (including nonresident and part-year resident taxpayers) to claim the credit only if the taxpayer’s New York adjusted gross income is less than $250,000. The amendment also provides that the credit amount cannot exceed $1,500.

In order to qualify for the credit, a taxpayer’s premium payment must be for the purchase of, or for continuing coverage under, a long-term care insurance policy that qualifies for the credit pursuant to Insurance Law § 1117.

[Part E of Chapter 59 of the Laws of 2020; Tax Law § 606(aa)]