Credit for premiums for long-term care partnership plan insurance

coverage. A credit against an individual's tax liability under this chapter is provided to each taxpayer in the amount of the premiums paid during the taxable year by the taxpayer for qualified long-term care partnership plan insurance coverage for the taxpayer or the taxpayer's spouse, or both. The credit under this section for each insured individual may not exceed two hundred fifty dollars in any taxable year. For purposes of this section, "qualified long-term care partnership plan" is one that: 1. Is a qualified long-term care insurance policy, as defined in section 7702B(b) of the Internal Revenue Code of 1986, with an issue date on or after the date specified in an approved Medicaid state plan amendment that provides for the disregard of assets; 2. Meets the requirements of the long-term care insurance model regulations and the long-term care insurance model act promulgated by the national association of insurance commissioners as adopted as of October 2000, or the insurance commissioner certifies that the policy meets those requirements; and 3. Is purchased by an individual who: a. Has not attained age sixty-one as of the date of purchase, if the policy provides compound annual inflation protection; b. Has attained age sixty-one but has not attained age seventy-six as of the date of purchase, if the policy provides some level of inflation protection; or c. Has attained age seventy-six as of the date of purchase.