Lawmakers in Maryland have been looking at a pair of bills that could replace a one-time long-term care insurance (LTCI) state income tax break with an ongoing tax break.
The bills are state House Bill 347 and Senate Bill 35.
Maryland now provides a one-time $500 tax credit for residents who buy eligible LTCI policies.
The bills under consideration would provide an annual $200 credit and apply the credit to all taxable years beginning after Dec. 31, 2012.
The House version is in the House Ways and Means Committee, and the Senate companion bill is in the Senate Budget and Taxation Committee.