1. In order to promote personal financial responsibility for long-term health care
in this state, for all taxable years beginning after December 31, 2020, a resident
individual may deduct from each individual's Missouri taxable income an amount equal
to one hundred percent of all nonreimbursed amounts paid by such individuals for qualified
long-term care insurance premiums to the extent such amounts are not included in the
individual's itemized deductions. A married individual filing a Missouri income tax return separately from his or
her spouse shall be allowed to make a deduction pursuant to this section in an amount
equal to the proportion of such individual's payment of all qualified long-term care
insurance premiums. The director of the department of revenue shall place a line on all Missouri individual
income tax returns for the deduction created by this section.
2. For purposes of this section, “qualified long-term care insurance” means any insurance policy which meets or exceeds the provisions of sections 376.1100 to 376.1118 and the rules and regulations promulgated pursuant to such sections for long-term
care insurance, or any insurance policy considered an asset or resource for purposes
of eligibility for long-term care benefits under MO HealthNet.
3. Notwithstanding any other provision of law to the contrary, two or more insurers
issuing a qualified long-term care insurance policy shall not act in concert with
each other and with others with respect to any matters pertaining to the making of
rates or rating systems.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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