Tax Credit For Purchase Long-term Care Insurance

Legislative Oversight Committee Concerning Tax Policy. For income tax years beginning January 1, 2024, the bill both:

• Increases the amount of federal taxable income taxpayers may have and still qualify for the state income tax credit for purchasing long-term care insurance and annually adjusts that amount of federal taxable income for inflation; and
• Doubles the amount of the credit that a taxpayer may claim and annually adjusts the credit for inflation.
  (Note: This summary applies to this bill as introduced.)