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 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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