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New York Partnership for Long Term care
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20 Percent NY State Tax Credit

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. Plesae check out our buyers guide to New York Long Term Care Insurance for more help on purchasing LTC Insurance.

American Association for Long Term Care Insurance the national trade organization committed to helping individuals get the information they need to make educated decisions.

For long term care insurance Federal tax deduction limits and credits or deductions for all 50 states click this link and visit the tax deduction for long term care insurance guide. Published and updated annually by the American Association for Long Term Care Insurance, a national trade organization committed to helping individuals get the information they need to make educated decisions.

For ratings of leading long term care insurance Fcompanies click this link and visit the long term care insurance ratings. Published and updated annually by AALTCI.



NY LTC Tax Credit

 



NY Long Term Care Partnership Only

www.newyorkpartnershiponly.com - is your complete source for the NY LTC Insurance Partnership Program. Learn all you need to know about the LTC Partnership Program and request LTC Insurance quotes today on the top LTC Insurance carriers. NY LTC covers USA only. NY Long Term Care - NY LTC

www.newyorkpartnershiponly.com - New York LTC Partnership - NY Long Term Care.

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Valuable Resources

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