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2005 SESSION

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HB 1050 Income tax, state; credit for purchase of long-term care insurance.

Introduced by: Phillip A. Hamilton | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual income taxes; credit for purchase of long-term care insurance. Provides a credit against individual income taxes for certain long-term care insurance premiums paid by the individual during the taxable year. The amount of the credit for each taxable year shall equal 10 percent of the amount paid during the taxable year by the individual in long-term care insurance premiums for long-term care insurance coverage for himself. The credit would be available beginning with the 2004 taxable year. Any unused credit may be carried over in the next five taxable years. To claim the credit, the individual shall attach to his individual income tax return proof of payment for such premiums, as determined by guidelines established by the Tax Commissioner. The credit would replace the current deduction for long-term care insurance.


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