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2006 SESSION

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HB 786 Income tax, state; credit for purchase of long-term care insurance.

Introduced by: R. Steven Landes | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

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 shall equal 15% 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, not to exceed over the life of any policy 15% of the amount of the first 12 months of premiums.  The credit would be available beginning with the 2006 taxable year. Any unused credit may be carried over in the next five taxable years.

SUMMARY AS PASSED HOUSE:

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 shall equal 15% 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, not to exceed the amount of the first 12 months of premiums.  The credit would be available beginning with the 2006 taxable year. Any unused credit may be carried over in the next five taxable years.

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 2006 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 income tax deduction for long-term care insurance.