FOR IMMEDIATE RELEASE
March 16, 2007

GOVERNOR BARBOUR SIGNS TAX CREDIT BILL FOR LONG-TERM CARE

(Jackson, Mississippi) - Governor Haley Barbour on Thursday signed a bill to relieve some of the costs of long-term care by offering a state income tax credit for Mississippians purchasing long-term insurance policies.

“Paying for long-term care for our loved ones can be an enormous financial burden on our families,” Governor Barbour said. “This is one way we can help curb the costs of care, especially when the length of stay is unknown and options are limited.”

Senate Bill 2337 provides income tax credit for premiums paid during the taxable year for certain qualified long-term care insurance policies. The credit cannot be carried forward to the next year.

"As our population ages the need for long-term care will rise commensurately and this action will permit our citizens to better prepare for that eventuality,” said Col. Don Taylor, Executive Director of the Department of Human Services. “This also permits people to protect assets while concurrently providing for future needs."

Questions regarding the tax credit can be directed to the Tax Commission's Bureau of Income Tax at 601-923-7000.