HB1185: Income Tax - Credit for Long-Term Care Premiums

Legislative Summary

Altering a limitation on claiming the income tax credit for eligible long-term care insurance premiums for more than 1 year with respect to the same insured individual; altering the amount of the credit from a one-time $500 credit to a maximum of $250 for a taxable year beginning after December 31, 2023, but before January 1, 2026, and a maximum of $500 for a taxable year beginning after December 31, 2025; applying the Act to taxable years beginning after December 31, 2023; etc.