State Codes and Statutes
Statutes > Virginia > Title-58-1 > Chapter-3 > 58-1-339-11§ 58.1-339.11. Long-term care insurance tax credit.
A. For taxable years beginning on or after January 1, 2006, any individualshall be entitled to a credit against the tax levied pursuant to § 58.1-320for certain long-term care insurance premiums paid by the individual duringthe taxable year pursuant to an insurance policy entered into on or afterJanuary 1, 2006. The amount of the credit for each taxable year shall equal15% of the amount paid by the individual during the taxable year in long-termcare insurance premiums for long-term care insurance coverage for himself,but in no event shall the total credits over the life of any policy exceed15% of the amount of premiums paid for the first 12 months of coverage. Forpurposes of this section, "long-term care insurance premium" means theamount paid during a taxable year for any qualified long-term care insurancecontract as defined in § 7702B(b) of the Internal Revenue Code, as amended,covering an individual.
B. If the amount of the credit as determined in subsection A exceeds theindividual's income tax liability for the taxable year, the amount thatexceeds such liability may be carried over for credit against the incometaxes of such individual in the next five taxable years or until the fullcredit is used, whichever occurs first.
C. The credit described in this section shall not be claimed to the extentthe individual has claimed a deduction for federal income tax purposes forlong-term care insurance premiums for himself or a deduction undersubdivision D 10 of § 58.1-322.
D. The Tax Commissioner shall establish guidelines regarding the informationto include and the format for proof of payment. Such guidelines shall beexempt from the Administrative Process Act (§ 2.2-4000 et seq.).
(2006, cc. 570, 599.)
