North Dakota Century Code Title 57. Taxation § 57-38-29.3. Credit for premiums for long-term care partnership plan insurance coverage

A credit against an individual's tax liability under this chapter is provided to each taxpayer in the amount of the premiums paid during the taxable year by the taxpayer for qualified long-term care partnership plan insurance coverage for the taxpayer or the taxpayer's spouse, or both.  The credit under this section for each insured individual may not exceed two hundred fifty dollars in any taxable year.  For purposes of this section, “qualified long-term care partnership plan” is one that:

1. Is a qualified long-term care insurance policy, as defined in section 7702B(b) of the Internal Revenue Code of 1986 , with an issue date on or after the date specified in an approved Medicaid state plan amendment that provides for the disregard of assets;

2. Meets the requirements of the long-term care insurance model regulations and the long-term care insurance model act promulgated by the national association of insurance commissioners as adopted as of October 2000, or the insurance commissioner certifies that the policy meets those requirements;  and

3. Is purchased by an individual who:

a. Has not attained age sixty-one as of the date of purchase, if the policy provides compound annual inflation protection;

b. Has attained age sixty-one but has not attained age seventy-six as of the date of purchase, if the policy provides some level of inflation protection;  or

c. Has attained age seventy-six as of the date of purchase.

Cite this article: FindLaw.com - North Dakota Century Code Title 57. Taxation § 57-38-29.3. Credit for premiums for long-term care partnership plan insurance coverage - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-57-taxation/nd-cent-code-sect-57-38-29-3.html


FindLaw Codes are provided courtesy of Thomson Reuters Westlaw, the industry-leading online legal research system. For more detailed codes research information, including annotations and citations, please visit Westlaw.

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.

Copied to clipboard