A long-term care insurance (LTCI) tax break bill is stuck in the New York state Senate Investigations and Government Operations Committee.
The committee decided last week to hold the bill, S228A-2011, in the committee.
The bill would help New York state residents pay for LTCI coverage by creating a new state personal income tax exemption. Holders of individual retirement accounts and individual retirement annuities could use retirement arrangement distributions to buy LTCI policies without paying income taxes on the distributions.
The bill was introduced by state Sen. George Maziarz, R-Wheatfield, N.Y.