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Maryland Employer Provided Long-Term Care Insurance Credit

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Question
Maryland Employer Provided Long-Term Care Insurance Credit

Answer
An employer, including organizations exempt from taxation under §501(c)(3) or (4) of the Internal Revenue Code, that provides long-term care insurance as part of an employee benefit package may claim a credit for costs incurred during the taxable year.

The credit may be taken against corporate income tax, personal income tax, insurance premiums tax or public service company franchise tax. The same credit may not, however, be applied to more than one tax type.

Sole proprietorships, corporations and pass-through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts may claim the tax credit.

Employer provided long-term care insurace credit instructions


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Article Details
Views: 264 Created on: Jun 15, 2013
Date updated: Sep 28, 2015
Posted in: STATES, Maryland

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