Connecticut Senate Bill SB00707

Connecticut 2023 Regular Session

• Introduced: 1/18/23
• Refer: 1/18/23

Caption

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

Impact

The introduction of SB00707 could have significant implications for state laws regarding tax relief and healthcare. By implementing a tax credit for long-term care insurance premiums, this bill aims to encourage more residents to secure insurance that supports home-based medical care. The potential increase in insurance uptake could lead to improved health outcomes for the elderly population and others needing long-term care, as individuals may be incentivized to plan ahead rather than relying solely on state-funded health services.

Summary

SB00707 is a proposed act aimed at establishing a tax credit for individuals and groups that purchase long-term care insurance policies. Specifically, it outlines provisions for tax relief by allowing a deduction for premiums paid toward insurance policies that provide benefits for healthcare services delivered in the insured's home. This proposal emphasizes the importance of supporting those who invest in long-term care options, potentially easing the financial burden placed on families and individuals seeking such insurance.

Contention

While the bill is likely to receive support from healthcare advocates and policymakers interested in bolstering home care coverage, there may be contention regarding the fiscal implications of the tax credit. Critics may argue that providing tax reductions could lead to a decrease in state revenue, impacting funding for other essential services. Additionally, discussions around who qualifies for these tax credits and how the benefits could be structured to ensure equitable access might arise, raising concerns about fairness and potential loopholes in application.