Mississippi

Credit

Beginning January 1, 2007. A credit is allowed against income taxes imposed under Chapter 7 in an amount equal to 25% of the premium costs paid during the taxable year for a qualified long-term care insurance policy that offers coverage to either the individual, spouse, parent or parent-in-law, or dependent. The credit shall not exceed $500 or the taxpayer’s income tax liability, whichever is less, for each qualified long-term care insurance policy.