LCO No. 1147 1 of 1
General Assembly Proposed Bill No. 5144
January Session, 2025
LCO No. 1147
Referred to Committee on FINANCE, REVENUE AND
BONDING
Introduced by:
REP. TURCO, 27th Dist.
REP. DEMICCO, 21st Dist.
AN ACT ESTABLISHING A PERSONAL INCOME TAX DEDUCTION
FOR CERTAIN PAYMENTS RECEIVED FROM AN INSURANCE
COMPANY.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
That section 12-701 of the general statutes be amended to establish a 1
personal income tax deduction for the portion of any payment from an 2
insurance company received by a taxpayer (1) in exchange for a buyout 3
or cancellation of a long-term care insurance policy, and (2) that is 4
properly includable in gross income for federal income tax purposes. 5
Statement of Purpose:
To establish a personal income tax deduction for the portion of any
payment from an insurance company received by a taxpayer (1) in
exchange for a buyout or cancellation of a long-term care insurance
policy, and (2) that is properly includable in gross income for federal
income tax purposes.