Connecticut Senate Bill SB00076

Connecticut 2023 Regular Session

• Introduced: 1/12/23
• Refer: 1/12/23

Caption

An Act Establishing A Tax Credit For Premium Payments For Certain Long-term Care Insurance Policies.

Impact

If enacted, SB00076 would modify title 12 of the general statutes, creating a structured financial incentive aimed at promoting the uptake of long-term care insurance. The introduction of a tax credit for these premiums may encourage residents to secure insurance coverage that could improve their healthcare options as they age, thereby supporting better health outcomes. This could also reduce reliance on state-funded healthcare services, as more individuals would be prepared for their long-term care needs financially.

Summary

Senate Bill 76 aims to establish a tax credit for individuals and groups who purchase long-term care insurance policies. The bill is designed to provide financial relief by allowing taxpayers to claim a credit for the amount spent on premiums for insurance that delivers benefits for healthcare provided in the insured's home. This initiative intends to encourage more individuals to consider long-term care insurance, thereby potentially alleviating financial strain on both families and state resources as the population ages.

Contention

Notable points of contention surrounding SB00076 could arise from debates on the strain it may place on state finances and the effectiveness of tax credits in promoting long-term care insurance adoption. Critics may argue that while the intention is beneficial, the fiscal implications of providing tax credits could lead to decreased revenue for the state, affecting budget allocations for other important services. Proponents, however, may counter that the long-term benefits of having a more insured populace will ultimately result in cost savings for the state as fewer individuals will require state-sponsored long-term care.