State lawmakers in Maryland are reviving the fight for a multiyear long-term care insurance (LTCI) tax credit.
Sen. Katherine Klausmeier, D-Baltimore, brought the proposal back as S.B. 478.
Today, Maryland lets a taxpayer have a credit for up $500 in LTCI premiums for the first year the coverage is in effect.
If S.B. 478 takes effect as written, it will cut the value of the state’s LTCI tax credit to $250 in the first year, then increase the value to $500 in later years.
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A taxpayer who was paying for eligible LTCI coverage could use the credit every year the coverage stayed in effect.
The credit would apply to any LTCI premiums that a taxpayer could deduct from federal taxable income.