AN ACT ESTABLISHING A MEDICARE PREMIUMS TAX CREDIT AGAINST THE PERSONAL INCOME TAX.

Plain English Breakdown

The provided source material confirms the creation of a credit but does not specify eligibility requirements beyond paying premiums, nor does it define how the credit amount is calculated.

Medicare Premiums Tax Credit Act

This bill creates a new state tax credit that reduces personal income tax based on premiums paid for Medicare or Medicare Advantage plans.

What This Bill Does

• Amends Chapter 229 of the general statutes to add a new rule.
• Establishes a credit against the state personal income tax.
• Allows taxpayers to claim this credit for premiums they pay during a taxable year.
• Applies specifically to payments made for Medicare and Medicare Advantage plans.

Who It Names or Affects

• Taxpayers who pay premiums for Medicare or Medicare Advantage plans

Limits and Unknowns

• The bill text does not state the maximum dollar amount for this credit.
• The effective date is not listed in the provided source material.
• The specific rules for calculating or claiming the credit are not detailed in the excerpt.

Official Summary Text

To establish a credit against the personal income tax for premiums paid by a taxpayer for a taxable year for Medicare and Medicare Advantage plans.

Current Bill Text

LCO No. 211 1 of 1

General Assembly Proposed Bill No. 42
February Session, 2026 LCO No. 211

Referred to Committee on FINANCE, REVENUE AND
BONDING

Introduced by:
SEN. PERILLO J., 21st Dist.

AN ACT ESTABLISHING A MEDICARE PREMIUMS TAX CREDIT
AGAINST THE PERSONAL INCOME TAX.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

That chapter 229 of the general statutes be amended to establish a 1
credit against the personal income tax for premiums paid by a taxpayer 2
for a taxable year for Medicare and Medicare Advantage plans. 3
Statement of Purpose:
To establish a credit against the personal income tax for premiums paid
by a taxpayer for a taxable year for Medicare and Medicare Advantage
plans.