§ 105-151.28. (Repealed for taxable years beginning on or after January 1, 2013) Credit for premiums paid on long-term care insurance. - North Carolina Statutes

§ 105‑151.28.  (Repealedfor taxable years beginning on or after January 1, 2013) Credit for premiumspaid on long‑term care insurance.

(a)        Credit. – Ataxpayer whose adjusted gross income (AGI), as calculated under the Code, isless than the amount listed in this section is allowed, as a credit against thetax imposed by this Part, an amount equal to fifteen percent (15%) of thepremium costs the taxpayer paid during the taxable year on a qualified long‑termcare insurance contract that offers coverage to either the taxpayer, thetaxpayer's spouse, or a dependent for whom the taxpayer was allowed to deduct apersonal exemption under section 151(c) of the Code for the taxable year. Thecredit allowed by this section may not exceed three hundred fifty dollars($350.00) for each qualified long‑term care insurance contract for whicha credit is claimed. The credit allowed under this section may not exceed theamount of tax imposed by this Part for the taxable year reduced by the sum ofall credits allowed, except payments of tax made by or on behalf of thetaxpayer. A nonresident or part‑year resident who claims the creditallowed by this subsection shall reduce the amount of the credit by multiplyingit by the fraction calculated under G.S. 105‑134.5(b) or (c), asappropriate.

FilingStatus                                                                         AGI

Married,filing jointly                                                          $100,000

Headof Household                                                               80,000

Single                                                                                    60,000

Married,filing separately                                                       50,000

(b)        No Double Benefit.– No credit is allowed for payments that are deducted from, or not included in,the taxpayer's gross income for the taxable year. If the taxpayer claimed adeduction for health insurance costs of self‑employed individuals undersection 162(l) of the Code for the taxable year, the amount of credit otherwiseallowed the taxpayer under this section is reduced by the applicable percentageprovided in section 162(l) of the Code. If the taxpayer claimed a deduction formedical care expenses under section 213 of the Code for the taxable year, thetaxpayer is not allowed a credit under this section. A taxpayer who claims thecredit allowed by this section must provide any information required by theSecretary to demonstrate that the amount paid for premiums for which the creditis claimed was not excluded from the taxpayer's gross income for the taxable year.

(c)        Definition. – Forpurposes of this section, the term "qualified long‑term careinsurance contract" has the same meaning as defined in section 7702B ofthe Code.

(d)        Sunset. – Thissection is repealed for taxable years beginning on or after January 1, 2013. (1998‑212, s. 29A.6(a);2007‑323, s. 31.5(a).)