State Tax Incentives for Long-Term Care Insurance
Deduction: Deduction of long-term care insurance premiums provided the individual has not claimed a similar deduction of federal return; a deduction for federal income tax purposes.
Chapter 298, §58. 7-322(0)(70)
Credit: Effective on Jan. 1, 200, a 15% credit against individual income tax for certain long-term care insurance premiums, reduced by those deducted from federal or Virginia income tax.
VA Code Ann 58. 7-322(0)(70)
Find Your Perfect Policy!
Speak with a Licensed LTC insurance specialist. No obligation.