Gene Cutler of ACSIA Partners Applauds New York State for an Exceptional 20% Tax Credit for Long-Term Care Insurance
New York offers an unusually attractive subsidy to encourage people to protect themselves against the costs of long-term care, regardless of income, according to Gene Cutler, a veteran long-term care insurance agent licensed in 31 states.
The subsidy takes the form of a tax credit equal to 20% of the LTC premiums paid by the taxpayer during the year. The credit is available to all New York taxpayers and is applied against one’s personal New York State income taxes.
“It’s rare and remarkable,” says Cutler. Why?
- “It’s a tax credit, not a tax deduction, and that means a bigger subsidy. Taxpayers get the full 20% regardless of their income.”
- “All taxpayers are eligible, not just those meeting special criteria.”
- “The full 20% may be claimed year after year, not just the first year one applies.”
- “The incentive is not limited to New York residents. It also applies to residents of other states, like thousands in New Jersey, Connecticut, Pennsylvania, Rhode Island, Massachusetts, and Vermont who earn income subject to New York taxes.”
Several states offer tax deductions for owning long-term care insurance. “A few, like New York, offer the more attractive tax credits instead,” says Cutler. “But New York stands out as the most generous and consequential, in my judgement. They’re leading the way. They’re aggressively mitigating the long-term care crisis that threatens consumer and state budgets alike.”
What’s the bottom line in dollars?
“We have helped clients save $500, $800 or more per year, every year,” says Cutler. “And in some cases, we have also helped them get sizable credits due them but not claimed in previous years.”
More information is available on Gene Cutler’s website.
Based in Manhasset, New York, Cutler advises individuals and businesses throughout the state and from coast-to-coast.
In addition to New York, he is also Licensed in AZ, CA, CT, DC, FL, GA, HI, IL, IN, LA, ME, MD, MA, MI, NV, NH, NJ, NC, OH, OK, OR, PA, RI, SC, TX, UT, VT, VA, WA, and WV.
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