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The effective date for bills enacted without a safety clause is August 6, 2025, if the General Assembly adjourns sine die on May 7, 2025 (unless otherwise specified). Details

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HB23-1122

Tax Credit For Purchase Long-term Care Insurance

Concerning the modification of the state income tax credit for purchasing long-term care insurance.
Session:
2023 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

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.)

Status

Introduced
Lost

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Bill Text