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:
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.
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