36 §5217-C. Employer-provided long-term care benefits on and after January 1, 2000
Title 36: TAXATION
Part 8: INCOME TAXES
Chapter 822: TAX CREDITS
§5217-C. Employer-provided long-term care benefits on and after January 1, 2000
1. Credit. A taxpayer constituting an employing unit is allowed a credit against the tax imposed by this Part for each taxable year equal to the lowest of the following:
A. Five thousand dollars; [1999, c. 521, Pt. C, §8 (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, §5 (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, §5 (AMD); 2001, c. 679, §6 (AFF).]
[ 2001, c. 679, §5 (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, §8 (NEW); 1999, c. 521, Pt. C, §9 (AFF).]
B. [2001, c. 679, §5 (RP); 2001, c. 679, §6 (AFF).]
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, §5 (NEW); 2001, c. 679, §6 (AFF).]
[ 2001, c. 679, §5 (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 Part. 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, §8 (NEW); 1999, c. 521, Pt. C, §9 (AFF) .]
SECTION HISTORY
1999, c. 521, §C8 (NEW). 1999, c. 521, §C9 (AFF). 2001, c. 679, §5 (AMD). 2001, c. 679, §6 (AFF).