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February 10, 2015 at 12:10 PM
The New Mexico House is considering a bill, House Bill 72, that would create a dollar-for-dollar tax credit for long-term care insurance (LTCI) premiums.
The credit would reduce state income taxes. If a taxpayer claimed an LTCI tax credit that exceeded the taxpayer’s state income tax liability, the credit would be equal to the liability.
Rep. Christine Trujillo, D-Bernalillo, N.M., says in the text of the bill that purpose is to “encourage an individual to purchase long-term care insurance.”
The bill calls for state officials to compile annual reports measuring the effectiveness of the tax credit.
See also: 4 LTC ideas from a little to the right
