Provides for an increased personal income tax deduction for medical expenses incurred by a New York taxpayer to include medical insurance premiums and long term care premiums.
Grants a state personal income tax deduction for retirement plan distributions used to purchase long-term care insurance; exempts distributions from individual retirement accounts and individual retirement annuities from state personal income taxation when such distributions are used to purchase long-term health care insurance.
Relates to summaries of readable and understandable insurance policies which shall include the limits of insurance, the term of the policy, the amount of annual premium and the amount of deductibles and a statement.
Raises tax credits for long-term care insurance from twenty percent to fifty percent; applies to the corporation tax, franchise tax on business corporations, personal income tax, and franchise tax on insurance corporations.
Relates to summaries of readable and understandable insurance policies which shall include the limits of insurance, the term of the policy, the amount of premium and the amount of deductibles and a statement.