State Tax Incentives for Long-Term Care Insurance

Credit: A one-time-only tax credit of up to $500 per insured (varying with the age of the insured and adjusted annually for inflation) for premiums of long-term care policies insuring the taxpayer, his spouse, parent, step-parent, child, or stepchild, if they reside in Maryland and were not covered by long-term care insurance prior to July 1, 2000. Credit for the insured must not have been claimed by the taxpayer in any prior tax year. Credit in excess of the tax liability cannot be carried over.

Chapter 242, Section 70-778

Credit: For employers, tax credit of 5% for long-term care coverage as employee benefit, not to exceed the lower of: (A) a total of $5,000;or (B) $100 per covered employee.

Chapter 242, Section 7 0- 77 O; Ins. Art. 6- 7 7 7, Chapter 7