State Tax Incentives for Long-Term Care Insurance

Credit: A credit against individual income taxes equal to 25% of the premium costs paid during the taxable year for a qualified long-term care insurance policy covering the taxpayer, his spouse, parent, parent-in-law or dependent, but not to exceed the lesser of $500 or the income tax liability. No carry-forward is allowed. No credit is allowed for any premium deducted, subtracted or excluded from the taxpayer’s net taxable income. No credit is allowed for the same expenditures claimed by another taxpayer.

Ms. Code. Ann. §27-7-22.33