§ 10-718. Long-term care insurance premiums tax credit
West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2019
Effective: July 1, 2019
MD Code, Tax - General, § 10-718
§ 10-718. Long-term care insurance premiums tax credit
(a) In this section, “eligible long-term care premiums” means eligible long-term care premiums within the meaning of § 213(d)(10) of the Internal Revenue Code for a long-term care insurance contract covering an individual who is a Maryland resident.
(b) An individual may claim a credit against the State income tax in an amount equal to 100% of the eligible long-term care premiums paid by the individual during the taxable year for long-term care insurance covering the individual or the individual's spouse, parent, stepparent, child, or stepchild.
(c) The credit allowed under this section:
(d)(1) The total amount of the credit allowed under this section for any taxable year may not exceed the State income tax for that taxable year, calculated before application of the credits under this section and §§ 10-701 and 10-701.1 of this subtitle, but after application of the other credits allowable under this subtitle.
(e) The credit allowed under this section does not affect the treatment under this title of any deduction or exclusion allowed for federal income tax purposes for the eligible long-term care premiums paid by the individual.
(f) On or before December 1, 2005, and each December 1 thereafter, the Comptroller shall report to the Governor and, subject to § 2-1257 of the State Government Article, to the General Assembly, regarding the credit allowed under this section, including:
Credits
Added by Acts 2000, c. 242, § 1, eff. July 1, 2000. Amended by Acts 2001, c. 459, § 1, eff. July 1, 2001; Acts 2020, c. 628, § 5.
MD Code, Tax - General, § 10-718, MD TAX GENERAL § 10-718
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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