(1) A taxpayer shall be allowed a credit against the income taxes imposed under this
chapter in an amount equal to twenty-five percent (25%) of the premium costs paid
during the taxable year for a qualified long-term care insurance policy as defined
in Section 7702B of the Internal Revenue Code that offers coverage to either the individual, the individual's spouse, the individual's
parent or parent-in-law, or the individual's dependent as defined in Section 152 of the Internal Revenue Code.
(2) No taxpayer shall be entitled to the credit with respect to the same expended
amounts for qualified long-term care insurance which are claimed by another taxpayer.
(3) The credit allowed by this section shall not exceed Five Hundred Dollars ($500.00)
or the taxpayer's income tax liability, whichever is less, for each qualified long-term
care insurance policy. Any unused tax credit shall not be allowed to be carried forward to apply to the
taxpayer's succeeding year's tax liability.
(4) No credit shall be allowed under this section with respect to any premium for
qualified long-term care insurance either deducted or subtracted by the taxpayer in
arriving at his net taxable income under this section or with respect to any premiums
for qualified long-term care insurance which were excluded from his net taxable income.
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