Maine Revised Statutes Title 36 Sec. 5217-C – Employer-provided long-term care benefits on and after January 1, 2000
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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; [PL 1999, c. 521, Pt. C, §8 (NEW); PL 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 [PL 2001, c. 679, §5 (AMD); PL 2001, c. 679, §6 (AFF).]
C. One hundred dollars for each employee covered by employer-provided eligible long-term care insurance. [PL 2001, c. 679, §5 (AMD); PL 2001, c. 679, §6 (AFF).]
[PL 2001, c. 679, §5 (AMD); PL 2001, c. 679, §6 (AFF).]
Terms Used In Maine Revised Statutes Title 36 Sec. 5217-C
- Code: means the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2022. See Maine Revised Statutes Title 36 Sec. 111
- Contract: A legal written agreement that becomes binding when signed.
- 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. “Employing unit” has the same meaning as in Title 26, section 1043. [PL 1999, c. 521, Pt. C, §8 (NEW); PL 1999, c. 521, Pt. C, §9 (AFF).]
B. [PL 2001, c. 679, §5 (RP); PL 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. [PL 2001, c. 679, §5 (NEW); PL 2001, c. 679, §6 (AFF).]
[PL 2001, c. 679, §5 (AMD); PL 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.
[PL 1999, c. 521, Pt. C, §8 (NEW); PL 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.
[PL 2015, c. 267, Pt. DD, §23 (NEW).]
SECTION HISTORY
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).