§2525-A. Employer-provided long-term care benefits on and after January 1, 2000
1.Credit. A taxpayer under this chapter constituting an employing unit is allowed a credit against the tax imposed by this chapter
for each taxable year equal to the lowest of the following:
A. Five thousand dollars; [1999, c. 521, Pt. C, §2 (NEW); 1999, c. 521, Pt. C, §9 (AFF).]
B. Twenty percent of the costs incurred by the taxpayer in providing eligible long-term care insurance as part of a benefit
package; or [2001, c. 679, §2 (AMD); 2001, c. 679, §6 (AFF).]
C. One hundred dollars for each employee covered by employer-provided eligible long-term care insurance. [2001, c. 679, §2 (AMD); 2001, c. 679, §6 (AFF).]
[
2001, c. 679, §2 (AMD);
2001, c. 679, §6 (AFF)
.]
2.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
A. "Employing unit" has the same meaning as in Title 26, section 1043. [1999, c. 521, Pt. C, §2 (NEW); 1999, c. 521, Pt. C, §9 (AFF).]
B. [2001, c. 679, §6 (AFF); 2001, c. 679, §2 (RP).]
C. "Eligible long-term care insurance" means:
(1) For tax years beginning on or after January 1, 2000, a qualified long-term care insurance contract as defined in the
Code, Section 7702B(b); and
(2) For tax years beginning on or after January 1, 2002, a contract specified in subparagraph (1) or a long-term care insurance
policy certified by the Superintendent of Insurance under Title 24-A, section 5075-A. [2001, c. 679, §2 (NEW); 2001, c. 679, §6 (AFF).]
[
2001, c. 679, §2 (AMD);
2001, c. 679, §6 (AFF)
.]
3.Limitation. The amount of the credit that may be used by a taxpayer for a taxable year may not exceed the amount of tax otherwise due
under this chapter. Any unused credit may be carried over to the following year or years for a period not to exceed 15 years.
[
1999, c. 521, Pt. C, §2 (NEW);
1999, c. 521, Pt. C, §9 (AFF)
.]
SECTION HISTORY
1999, c. 521, §C2 (NEW).
1999, c. 521, §C9 (AFF).
2001, c. 679, §2 (AMD).
2001, c. 679, §6 (AFF).
Data for this page extracted on 10/26/2009 04:06:17.