N.Y. Tax Law § 190: Long-term care insurance credit

§ 190. Long-term care insurance credit. 1. General. A taxpayer shall

be allowed a credit against the tax imposed by this article equal to

twenty 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. Computation. The credit allowed by this section shall first be

deducted from the taxes imposed by section one hundred eighty-three or

former section one hundred eighty-six of this article. The amount of any

such credit remaining shall next be deducted from the taxes imposed by

section one hundred eighty-four of this article.

3. Carryover. In no event shall the amount of credit allowed under

this section reduce the tax payable to less than the minimum tax fixed

by section one hundred eighty-three or former section one hundred

eighty-six of this article. If, however, the amount of credit allowable

under this section for any taxable year reduces the tax to such amount,

any amount of credit not deductible in such taxable year may be carried

over to the following year or years and may be deducted from the

taxpayer's tax for such year or years.