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

This bill eliminates two restrictions on New York's long-term care insurance tax credit. It removes the $1,500 annual maximum credit limit and the requirement that taxpayers must have less than $250,000 in adjusted gross income to qualify. The change applies to residents who pay premiums for qualifying long-term care insurance policies, allowing them to claim the full 20% credit on their premiums regardless of income level or premium amount. The policy takes effect for taxable years beginning January 1, 2025.