Maine Revised Statutes Title 36 — Taxation

36 M.R.S. § 5217-C

Employer-provided long-term care benefits on and after January 1, 2000

# 1.

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;

# B.

Twenty percent of the costs incurred by the taxpayer in providing eligible long-term care insurance as part of a benefit package; or C.
One hundred dollars for each employee covered by employer-provided eligible long-term care insurance.

# 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 .
B.
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 .

# 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.

# 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.

Last amended: PL 1999, c. 521, §C8 (NEW). PL 1999, c. 521, §C9 (AFF). PL 2001, c. 679, §5 (AMD). PL 2001, c. 679, §6 (AFF). PL 2015, c. 267, Pt. DD, §23 (AMD).

Source: view the official text

In this chapter (40 sections)

Full table of contents →