Bill Creates Credit for Long-Term Care Insurance
HARTFORD, Conn. (AP) _ Connecticut lawmakers are considering a new personal income tax credit for premiums paid for long-term care insurance policies.
A $500 tax credit would be created in legislation scheduled for a vote Monday in the General Assembly’s Finance Revenue and Bonding Committee.
Supporters say it’s in the state’s best interest to encourage people to buy the insurance and plan for their long-term needs. The Legislative Commission on Aging says one-third of Connecticut residents have no plan for how they will pay for such services as they age.
The bill could face challenges. The Office of Fiscal Analysis estimates it will cost $71.5 million in fiscal year 2014, $78.3 million the next year and $84.6 million annually in following years.
About 103,000 residents have purchased such policies.