New York Consolidated Laws, Tax Law - TAX § 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.