Nebraska Statutes 77-6102. Terms, defined
For purposes of the Long-Term Care Savings Plan Act:
Terms Used In Nebraska Statutes 77-6102
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(1) Long-term care expense means the cost of long-term care in a long-term care facility and the cost of care provided in a person‘s home when the person receiving the care is unable to perform multiple basic life functions independently;
(2) Long-term care insurance premiums means premiums paid for a long-term care insurance policy issued pursuant to the Long-Term Care Insurance Act that offers coverage to the individual, the individual’s spouse, or another person for whom the taxpayer has an insurable interest;
(3) Participant means an individual who has entered into a participation agreement or established an account with a financial institution with which the State Treasurer has an agreement under subsection (1) of section 77-6103 ; and
(4) Qualified individual means (a) a person who incurred long-term care expenses during the taxable year or (b) a person who turned fifty years of age or older during the taxable year who made payments for long-term care insurance premiums during the taxable year.
Source
- Laws 2006, LB 965, § 2;
- Laws 2007, LB304, § 1.
- Termination Date: January 1, 2018