LCO No. 6077 1 of 2
General Assembly Raised Bill No. 6674
January Session, 2021
LCO No. 6077
Referred to Committee on FINANCE, REVENUE AND
BONDING
Introduced by:
(FIN)
AN ACT ESTABLISHING AN INCOME TAX CREDIT FOR LONG-TERM
CARE INSURANCE PREMI UM PAYMENTS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (NEW) (Effective January 1, 2022, and applicable to taxable 1
years commencing on or after January 1, 2022) Any eligible taxpayer subject 2
to the tax under chapter 229 of the general statutes shall be allowed a 3
credit against the tax imposed under said chapter, other than the 4
liability imposed under section 12-707 of the general statutes, in an 5
amount equal to twenty per cent of the premiums paid by such eligible 6
taxpayer during the taxable year for an individual long-term care policy 7
for which the eligible taxpayer is the insured. As used in this section, (1) 8
"eligible taxpayer" means a resident of this state with a federal adjusted 9
gross income of less than two hundred thousand dollars, (2) "resident of 10
this state" has the same meaning as provided in subsection (a) of section 11
12-701 of the general statutes, and (3) "long-term care policy" has the 12
same meaning as provided in section 38a-501 of the general statutes. 13 Raised Bill No. 6674
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This act shall take effect as follows and shall amend the following
sections:
Section 1 January 1, 2022, and
applicable to taxable years
commencing on or after
January 1, 2022
New section
Statement of Purpose:
To establish a credit against the personal income tax for a portion of
premium payments made for certain individual long-term care
insurance policies.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
underlined.]