Connecticut Senate Bill SB00813

Connecticut 2013 Regular Session

• Introduced: 1/31/13
• Refer: 1/31/13
• Report Pass: 2/14/13
• Refer: 2/25/13
• Report Pass: 3/4/13
• Refer: 5/1/13

Caption

An Act Establishing A Tax Credit For The Purchase Of Long-term Care Insurance.

Impact

If enacted, the bill is anticipated to positively influence state legislation surrounding long-term care insurance. By incentivizing residents to secure these policies, the bill could lead to a more financially stable healthcare system as individuals would be more prepared for potential future healthcare costs associated with long-term medical needs. This could reduce the financial burden on state-funded programs and enhance overall public welfare in regards to aging populations.

Summary

SB00813 proposes the establishment of a tax credit aimed at promoting the purchase of long-term care insurance among residents of the state. The bill outlines that eligible residents can receive a tax credit of up to five hundred dollars for premiums paid towards long-term care policies. The credit structure is designed to support both individual filers and married couples, with provisions allowing for one policy per unmarried individual or one policy per spouse in a married couple filing separately, and up to two for those filing jointly.

Contention

While the bill seems beneficial in promoting long-term care insurance, there may be contention surrounding its implications on taxpayers and the state’s budget. Critics might argue that while the bill introduces financial incentives, it could also place a strain on the state tax revenue system, especially if the uptake of the tax credit is high. Moreover, there could be concerns about whether adequate measures are put in place to ensure that the credit effectively translates into broader access to long-term care insurance among diverse populations.