Income Tax - Credit for Long-Term Care Premiums

Summary

The bill reduces the maximum state income‑tax credit for eligible long‑term care insurance premiums from $500 to $250 per insured individual for tax years beginning after Dec. 31, 2026. It also restricts how often the credit can be claimed for the same insured person and prevents multiple taxpayers from claiming it for the same individual in a single year. The changes apply to Maryland residents age 45 or older who purchase qualifying long‑term care policies.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share