A one-time credit may be claimed against state income tax for the payment of qualified long-term care (LTC) insurance premiums as defined by the Internal Revenue Service (Publication 502)
for a policy to insure yourself, your spouse, parent, stepparent, child, or stepchild who is a resident of Maryland and was NOT covered by long-term care insurance before July 1, 2000.
If the credit is more than the tax liability, the unused credit may NOT be carried forward to any other tax year. The credit is equal to the LTC premiums paid with a maximum per insured of:
- $370.00 for a person 40 years or under
- $500.00 for a person over 40 years old