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PARRIS N. GLENDENING, Governor
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Ch. 242
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CHAPTER 242
(Senate Bill 171)
AN ACT concerning
Income Tax - Credit for Long-Term Care Insurance Premiums
FOR the purpose of allowing an individual a credit against the State income tax for
certain long-term care insurance premiums paid by the individual; defining a
certain term; requiring the Comptroller to report to the Governor and the
General Assembly regarding the credit on or before certain dates; providing for
the application of this Act; and generally relating to a credit against the State
income tax for certain long-term care insurance premiums.
BY adding to
Article — Tax — General
Section 10-718
Annotated Code of Maryland
(1997 Replacement Volume and 1999 Supplement)
. SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
10-718.
(A) IN THIS SECTION, "ELIGIBLE LONG-TERM CARE PREMIUMS" MEANS
ELIGIBLE LONG-TERM CARE PREMIUMS WITHIN THE MEANING OF § 213(D)(10) OF
THE INTERNAL REVENUE CODE FOR A LONG-TERM CARE INSURANCE CONTRACT
COVERING AN INDIVIDUAL WHO IS A MARYLAND RESIDENT.
(B) AN INDIVIDUAL MAY CLAIM A CREDIT AGAINST THE STATE INCOME TAX
IN AN AMOUNT EQUAL TO 100% OF THE ELIGIBLE LONG-TERM CARE PREMIUMS PAID
BY THE INDIVIDUAL DURING THE TAXABLE YEAR FOR LONG-TERM CARE INSURANCE
COVERING THE INDIVIDUAL OR THE INDIVIDUAL'S SPOUSE, PARENT, STEPPARENT,
CHILD, OR STEPCHILD.
(C) THE CREDIT ALLOWED UNDER THIS SECTION:
(1) MAY NOT EXCEED $500 FOR EACH INSURED COVERED BY
LONG-TERM CARE INSURANCE FOR WHICH THE INDIVIDUAL PAYS THE PREMIUMS;
(2) MAY NOT BE CLAIMED BY MORE THAN ONE TAXPAYER WITH
RESPECT TO THE SAME INSURED INDIVIDUAL; AND
(3) MAY NOT BE CLAIMED WITH RESPECT TO AN INSURED INDIVIDUAL
IF:
(I) THE INSURED INDIVIDUAL WAS COVERED BY LONG-TERM
CARE INSURANCE AT ANY TIME BEFORE JULY 1, 2000; OR
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