Senate BillIntroduced
S 4698: Eliminates the $1500 cap on the maximum amount and the gross income requirement for the long-term care insurance credit.
What S 4698 does, verified March 24, 2026
The proposed law aims to eliminate the cap on the maximum amount and the gross income requirement for the long-term care insurance credit. This means that individuals can now claim a credit of up to $1,500 per year for their long-term care insurance premiums, without being limited by a specific income threshold. To qualify for this credit, the premium payment must be for a long-term care insurance policy that meets specific requirements. The excess credit amount can be carried over to the following years and deducted from the tax liability in those years. The law will take effect immediately and will apply to taxable years beginning on January 1, 2025.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: REFERRED TO BUDGET AND REVENUE (2026-01-07)Alert me
Quick answers about S 4698
- What is the current status of S 4698?
- As of March 24, 2026, S 4698 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on January 7, 2026, was "REFERRED TO BUDGET AND REVENUE".
- Did S 4698 pass?
- Not yet. S 4698 has been introduced and has not passed either house.
- Who wrote S 4698, and where is it now?
- S 4698 was authored by Sen. Cordell Cleare with 1 coauthor. Its committee of record is Senate Budget & Revenue.
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions2 total · showing 2
| Jan. 07, 2026 | REFERRED TO BUDGET AND REVENUE |
| Feb. 11, 2025 | REFERRED TO BUDGET AND REVENUE |
Latest bill textIntroduced version, February 11, 2025 · 351 words
STATE OF NEW YORK ________________________________________________________________________ 4698 2025-2026 Regular Sessions IN SENATE February 11, 2025 ___________ Introduced by Sen. CLEARE -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to eliminating the cap on the maximum amount and the gross income requirement for the long-term care insurance credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 1 of subsection (aa) of section 606 of the tax 2 law, as amended by section 1 of part E of chapter 59 of the laws of 3 2020, is amended to read as follows: 4 (1) Residents. There shall be allowed a credit against the tax imposed 5 by this article in an amount equal to twenty percent of the premiums 6 paid during the taxable year for long-term care insurance. [The credit7amount shall not exceed one thousand five hundred dollars and shall be8allowed only if the amount of New York adjusted gross income required to9be reported on the return is less than two hundred fifty thousand10dollars.] In order to qualify for such credit, the taxpayer's premium 11 payment must be for the purchase of or for continuing coverage under a 12 long-term care insurance policy that qualifies for such credit pursuant 13 to section one thousand one hundred seventeen of the insurance law. If 14 the amount of the credit allowable under this subsection for any taxable 15 year shall exceed the taxpayer's tax for such year, the excess may be 16 carried over to the following year or years and may be deducted from the 17 taxpayer's tax for such year or years. 18 § 2. This act shall take effect immediately and shall apply to taxable 19 years beginning on and after January 1, 2025. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09375-01-5
Text of S 4698 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions