Summary as introduced:
Individual income taxes; credit for purchase of long-term care insurance. Provides a credit against individual income taxes for certain long-term care insurance premiums paid by individuals during the taxable year. An individual at least 70 years old, or an individual purchasing long-term care insurance for a Virginia resident at least 70 years old, is eligible for an individual income tax credit for insurance premiums paid by the individual for long-term care insurance coverage of Virginia residents at least 70 years old. The tax credit is the lesser of the individual's income tax liability or the actual premiums paid in the taxable year.
The credit would be available beginning with the 2005 taxable year. Individuals itemizing on their federal income tax return long-term care insurance premiums for insurance coverage on a resident individual of the Commonwealth at least 70 years old are not eligible for the tax credit.Full text:
01/12/05 House: Prefiled & ordered printed; offered 01/12/05 055271376 pdf | impact statement
01/12/05 House: Prefiled & ordered printed; offered 01/12/05 055271376
01/12/05 House: Referred to Committee on Finance
01/18/05 House: Assigned to Finance sub-committee: #1
02/02/05 House: Tabled in Finance (22-Y 0-N)