Maine Revised Statutes Title 36 Sec. 2525 – Employer-provided long-term care benefits
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1. Credit. A taxpayer under this chapter constituting an employing unit is allowed a credit against the tax imposed by this chapter for each taxable year that begins on or after July 10, 1989 and before January 1, 2000 equal to the lowest of the following:
A. Five thousand dollars; [PL 1989, c. 556, Pt. B, §6 (NEW).]
B. Twenty percent of the costs incurred by the taxpayer in providing long-term care policy coverage as part of a benefit package; or [PL 1989, c. 556, Pt. B, §6 (NEW).]
C. One hundred dollars for each employee covered by an employer-provided long-term care policy. [PL 1989, c. 556, Pt. B, §6 (NEW).]
[PL 1999, c. 521, Pt. C, §1 (AMD); PL 1999, c. 521, Pt. C, §9 (AFF).]
Terms Used In Maine Revised Statutes Title 36 Sec. 2525
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
- Taxpayer: means any person required to file a return under this Title or to pay, withhold and pay over or collect and pay over any tax imposed by this Title. See Maine Revised Statutes Title 36 Sec. 111
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
A. “Long-term care policy” has the same meaning as in Title 24?A, section 5051. [PL 1989, c. 556, Pt. B, §6 (NEW).]
B. “Employing unit” has the same meaning as in Title 26, section 1043. [PL 1989, c. 556, Pt. B, §6 (NEW).]
[PL 1989, c. 556, Pt. B, §6 (NEW).]
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 chapter. Any unused credit may be carried over to the following year or years for a period not to exceed 15 years.
[PL 1989, c. 556, Pt. B, §6 (NEW).]
SECTION HISTORY
PL 1989, c. 556, §B6 (NEW). PL 1999, c. 521, §C1 (AMD). PL 1999, c. 521, §C9 (AFF).