NY State Senate Bill 2025-S8911

Current Bill Status - In Senate Committee Investigations And Government Operations Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 14, 2026	referred to investigations and government operations

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2025-S8911 (ACTIVE) - Details

Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§190, 606 & 210-B, Tax L

2025-S8911 (ACTIVE) - Summary

Increases the amount of the credit against taxes for long-term care insurance from twenty to forty percent and from one thousand five hundred dollars to two thousand five hundred dollars.

2025-S8911 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8911    Revised 01/14/26

SPONSOR: HELMING
 
TITLE OF BILL:

An act to amend the tax law, in relation to long-term care insurance

 
PURPOSE:

To increase the amount of the credit against taxes for long-term care
insurance from 20% to 40% of the premiums paid by the consumer in a
taxable year, and to raise the cap on the credit from $1,500 to $2,500

 
SUMMARY OF PROVISIONS:

Section 1: Amends the tax law to set the amount of the credit against
taxes for long-term care insurance to 40% of the premiums paid in a
taxable year

Section 2: Adjusts language in tax law to new credit amount and
increases the cap on the credit against taxes for long-term care insur-
ance from $1,500 to $2,500

Section 3: Adjusts language in tax law to new credit amount

Section 4: Sets the effective date

 
JUSTIFICATION:

Many New Yorkers have recently reported significant increases in the
cost of long-term care insurance. For example, a resident of Rockland
County shared that the annual cost of his long-term care plan was
projected to increase by almost $20,000 in only four years.

The Department of Financial Services (DFS) is responsible for approving
long-term care insurance rate increase requests. In their appeals to
DFS, insurers cite they are experiencing significant cost increases
driven by a number of factors, including state-imposed taxes, longer
life expectancies, and increasing insurance claim durations.

These cost increases are not sustainable. For many seniors who have been
paying for long-term care coverage for decades, these significant cost
increases are forcing them to abandon plans at a time when they are more
likely to need these services.

New York State currently offers a 20% tax credit for taxpayers if they
pay premiums for longterm care insurance plans. In a biennial report
made to the Legislature and the Governor, DFS made a recommendation that
our state increase its efforts to educate the public about this tax
credit, making consumers aware of the benefits they may be eligible for.
However, the recently DFS-approved hikes in long-term care premium costs
and the ongoing affordability crisis in New York make it necessary to
provide additional relief to consumers. This can be accomplished by
increasing the tax credit for qualified taxpayers.

This legislation proposes increasing the state tax credit for taxpayers
paying for a long-term care insurance plan to 40% of the premiums paid
during the taxable year. This legislation also proposes raising the cap
on the tax credit from $1,500 to $2,500 per taxable year.
This financial relief will help ensure that long-term care coverage
remains accessible to those who have planned and paid into their poli-
cies for many years. It will also make purchasing longterm care insur-
ance less burdensome for prospective consumers.

 
LEGISLATIVE HISTORY:

New bill

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2025-S8911 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8911
 
                             I N  S E N A T E
 
                             January 14, 2026
                                ___________
 
 Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law, in relation to long-term care insurance
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. Subdivision 1 of section 190 of the tax law, as amended by
 section 102 of part A of chapter 59 of the laws of 2014, is  amended  to
 read as follows:
   1.  General.  A  taxpayer  shall  be  allowed a credit against the tax
 imposed by this article equal to [twenty] FORTY percent of  the  premium
 paid  during  the taxable year for long-term care insurance. In order to
 qualify for such credit, the taxpayer's premium payment must be for  the
 purchase  of or for continuing coverage under a long-term care insurance
 policy that qualifies for such credit pursuant to section  one  thousand
 one hundred seventeen of the insurance law.
   §  2. Paragraph 1 of subsection (aa) of section 606 of the tax law, as
 amended by section 1 of part E of chapter 59 of the  laws  of  2020,  is
 amended to read as follows:
   (1) Residents. There shall be allowed a credit against the tax imposed
 by  this  article  in  an  amount equal to [twenty] FORTY percent of the
 premiums paid during the taxable year for long-term care insurance.  The
 credit  amount  shall not exceed [one] TWO thousand five hundred dollars
 and shall be allowed only if the  amount  of  New  York  adjusted  gross
 income  required  to  be reported on the return is less than two hundred
 fifty thousand dollars. In order to qualify for such credit, the taxpay-
 er's premium payment must be for  the  purchase  of  or  for  continuing
 coverage under a long-term care insurance policy that qualifies for such
 credit  pursuant  to  section  one thousand one hundred seventeen of the
 insurance law.  If  the  amount  of  the  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 for such year or years.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14198-01-5

 S. 8911                             2
 
   § 3. Paragraph (a) of subdivision 14 of section 210-B of the tax  law,
 as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
 amended to read as follows:
   (a)  General.  A  taxpayer  shall  be allowed a credit against the tax
 imposed by this article equal to [twenty] FORTY percent of  the  premium
 paid  during  the taxable year for long-term care insurance. In order to
 qualify for such credit, the taxpayer's premium payment must be for  the
 purchase  of or for continuing coverage under a long-term care insurance
 policy that qualifies for such credit pursuant to section  one  thousand
 one hundred seventeen of the insurance law.
   § 4. This act shall take effect immediately.

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Senate Bill S8911

Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

co-Sponsors

2025-S8911 (ACTIVE) - Details

2025-S8911 (ACTIVE) - Summary

2025-S8911 (ACTIVE) - Sponsor Memo

2025-S8911 (ACTIVE) - Bill Text download pdf

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Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

co-Sponsors

2025-S8911 (ACTIVE) - Details

2025-S8911 (ACTIVE) - Summary

2025-S8911 (ACTIVE) - Sponsor Memo

2025-S8911 (ACTIVE) - Bill Text download pdf

Comments