HARTFORD, Conn. (AP) _ A Connecticut legislative committee is not acting on a bill that would have created a new $500 personal income tax credit for premiums paid for long-term care insurance policies.
On Monday, the Finance Revenue and Bonding Committee decided not to vote on the bill, putting the concept’s fate in doubt for this session.
Some lawmakers have voiced concerns about the potential cost.
The Office of Fiscal Analysis estimates the credit would cost $71.5 million in fiscal year 2014, $78.3 million the next year and $84.6 million annually in following years.
Supporters argued it’s in the state’s best interest to encourage people to buy the insurance and plan for their long-term needs. An estimated one-third of residents have no plan for how they will pay for such services as they age.
(© Copyright 2013 The Associated Press. All Rights Reserved.)