Section 5217-C - Employer-provided long-term care benefits on and after January 1, 20001.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).]
4.Application. Except for the credit allowed with respect to the carry-over of unused credit amounts pursuant to subsection 3, the tax credit allowed under this section does not apply to tax years beginning on or after January 1, 2016. [2015, c. 267, Pt. DD, §23(NEW).]
Amended by 2015, c. 267,§ DD-23, eff. 6/30/2015.1999, c. 521, §C8 (NEW) . 1999, c. 521, §C9 (AFF) . 2001, c. 679, § 5 (AMD) . 2001, c. 679, § 6 (AFF) .