Eliminates the cap on the maximum amount and the gross income requirement for the long-term care insurance credit

This bill removes the $1,500 limit and the income threshold for New York residents claiming a tax credit on long-term care insurance premiums. Under the new rules, eligible taxpayers can receive a credit equal to 20% of their premiums without being restricted by a maximum dollar amount or a specific adjusted gross income level. The change applies to tax years starting on or after January 1, 2023, and allows any unused credit to be carried forward to future years.