§ 10-710. Long-term care insurance tax credit
West's Annotated Code of MarylandTax-General
MD Code, Tax - General, § 10-710
§ 10-710. Long-term care insurance tax credit
(a) In this section, “long-term care insurance” has the meaning stated in § 18-101 of the Insurance Article.
(b)(1) Subject to the limitation under paragraph (2) of this subsection, an employer may claim a tax credit in an amount equal to 5% of the costs incurred by the employer during the taxable year to provide long-term care insurance as part of an employee benefit package.
(c)(1) An individual or corporation may apply the credit under subsection (b) of this section against the State income tax.
(d)(1) If the employer is subject to more than one tax against which the credit allowed under this section may be applied, the same credit may not be applied more than once against different taxes.
Credits
Added by Acts 1998, c. 7, § 1, eff. July 1, 1998. Amended by Acts 1999, c. 34, § 1, eff. April 13, 1999.
MD Code, Tax - General, § 10-710, MD TAX GENERAL § 10-710
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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