(a) For long term care coverage of the taxpayer or a dependent or parent of the taxpayer; or
(b) That is offered by the taxpayer to employees of the taxpayer that are employed in this state.
(2) The amount of the credit allowed under this section shall equal the lesser of:
(a) Fifteen percent of the total amount of long term care insurance premiums paid or incurred by the taxpayer during the tax year; or
(b)(A) If the long term care insurance coverage is for the taxpayer and the dependents or parents of the taxpayer, $500; or
(B) If the long term care insurance coverage is for Oregon-based employees of the taxpayer and their dependents or parents, $500 multiplied by the number of employees covered.
(3) A credit may not be allowed under this section if the policy was first issued prior to January 1, 2000.
(4) The credit allowed under this section may not exceed the tax liability of the taxpayer and may not be carried forward to another tax year.
(5) In the case of a credit allowed under this section for purposes of ORS chapter 316:
(a) A nonresident shall be allowed the credit under this section in the proportion provided in ORS 316.117.
(b) If a change in the status of a taxpayer from resident to nonresident or from nonresident to resident occurs, the credit allowed by this section shall be determined in a manner consistent with ORS 316.117.
(c) Spouses in a marriage who file separate returns for a taxable year may each claim a share of the tax credit that would have been allowed on a joint return in proportion to the contribution of each.
(d) If a change in the taxable year of a taxpayer occurs as described in ORS 314.085, or if the Department of Revenue terminates the taxpayer’s taxable year under ORS 314.440, the credit allowed under this section shall be prorated or computed in a manner consistent with ORS 314.085.
(6) As used in this section, "long term care insurance" has the meaning given that term in ORS 743.652. [1999 c.1005 §2; 2015 c.629 §38]
Note: Section 38, chapter 913, Oregon Laws 2009, provides:
Sec. 38. A credit may not be claimed under ORS 315.610 for tax years beginning on or after January 1, 2015. [2009 c.913 §38; 2015 c.701 §39]
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.