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LRC and Associates
Newsletter Archives > New York State's LTC Tax Credit

30 Mar 2007

For Agents Information Only
New York State's LTC Tax Credit

It's Tax Time -- here is some information your LTCi clients & prospects should have. 

It's also a good reason to contact them and talk about LTC and get a quote: http://www.lrcassoc.com/ltc.html

Since we are not tax advisors, you and your clients should contact your own tax advisor.  (also see the downloads below).

1.  There is NO eligible premium limit.  If a forty-eight year old is paying
$10,000 per year for a deluxe benefit, 10 pay policy, he can deduct $2,000
from his NYS Income Tax. If his employer is paying on his behalf, it can
deduct the $2,000 from its franchise tax (see form CT-249).  Also, there is
no need to itemize personal deductions.  It is added to ITT-210-ATT directly
on line 3. It and other non-refundable credits  are then put on line 42 of
the state tax return IT-201. 

2.  Although the credit is NON-refundable, unused credits can be
carried forward indefinitely.

3.  I have attached  Form IT-249 and its instructions.  No mention anywhere
of "eligible" premium limits; it only mentions "tax qualified premiums", a
definition of which I have also attached from other NYS Tax and Finance

Download the forms and info here: http://files.lrcassoc.com/NYSLTCTaxCredit/

Have a great weekend.

Todd Concklin