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Credit:
Beginning on or after January 1, 2006. Provides a credit against
individual income taxes for certain long-term care insurance
premiums paid by the individual during the taxable year. The
amount of the credit shall equal 15% of the amount paid during
the taxable year. The credit can not be claimed to the extent
the individual has claimed a deduction for federal income tax
purposes for long-term care insurance premiums for himself or a
deduction under Va. Code Ann. § 58.1-322 (D)(10).
Deduction:
For tax years beginning on or after 01/01/00, the amount paid
annually in long-term care premiums may be deducted from federal
adjusted gross income in computing VA taxable income. The
deduction is only allowed if the individual did not claim a
deduction for these premiums for federal income tax purposes.
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