135.096. Long-term care insurance tax deduction, amount. - Missouri Statutes

Long-term care insurance tax deduction, amount.

135.096. 1. In order to promote personal financial responsibilityfor long-term health care in this state, for all taxable years beginningafter December 31, 1999, a resident individual may deduct from suchindividual's Missouri taxable income an amount equal to fifty percent ofall nonreimbursed amounts paid by such individual for qualified long-termcare insurance premiums to the extent such amounts are not included theindividual's itemized deductions. For all taxable years beginning afterDecember 31, 2006, a resident individual may deduct from each individual'sMissouri taxable income an amount equal to one hundred percent of allnonreimbursed amounts paid by such individuals for qualified long-term careinsurance premiums to the extent such amounts are not included in theindividual's itemized deductions. A married individual filing a Missouriincome tax return separately from his or her spouse shall be allowed tomake a deduction pursuant to this section in an amount equal to theproportion of such individual's payment of all qualified long-term careinsurance premiums. The director of the department of revenue shall placea line on all Missouri individual income tax returns for the deductioncreated by this section.

2. For purposes of this section, "qualified long-term care insurance"means any policy which meets or exceeds the provisions of sections 376.1100to 376.1118, RSMo, and the rules and regulations promulgated pursuant tosuch sections for long-term care insurance.

3. Notwithstanding any other provision of law to the contrary, two ormore insurers issuing a qualified long-term care insurance policy shall notact in concert with each other and with others with respect to any matterspertaining to the making of rates or rating systems.

(L. 1999 S.B. 8 & 173 § 8, A.L. 2007 S.B. 577)