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LB159
Provide an income tax credit for long-term care insurance policy premiums.
| Description: |
Allow for a nonrefundable credit against income tax on premiums paid during the taxable year for one or more long-term care insurance policies issued on or after Jan. 1, 2010. The credit may be claimed for a maximum of three years. No taxpayer can use this credit if he/she has used the adjustment to federal adjusted gross income as a participant in the Nebraska long-term savings plan for the same year. The bill was amended to phase in the credit over three years: Jan. 2010-11, $300 tax credit for a joint policy and $150 for an individual policy; Jan. 2011-12, $400 tax credit for joint policy and $200 for individual policy; Jan. 2012-15, the credit would be $500 for a joint policy and $250 for an individual policy. Any unused tax credit would not be allowed to be carried forward. The bill advanced to Final Reading on a vote of 34-0-15. CARRYOVER TO 2010 LEGISLATIVE SESSION
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| View The Bill: | Click here to view the bill online |
| Hearing Date & Room: | Fri., Jan. 30, 2009, 1:30pm |
| Legislative Status: | Final Reading |
| Sponsor(s): | Tim Gay (14) , Abbie Cornett (45) |
| Committee(s): | |
| Amendments(s): |
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| Comment(s): | N/A |
| Categories: | Insurance, Senior Citizens, Taxes & Tax Incentives |