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

Plain English Breakdown

Checked against official source text during the last sync.

Medicare Premiums Tax Credit Act

This act creates a tax credit that people can use to lower their state income taxes if they pay for Medicare or Medicare Advantage plans.

What This Bill Does

• Creates a new tax credit for people who pay for Medicare or Medicare Advantage plans.
• Allows taxpayers to reduce their personal income tax by the amount of money they spend on Medicare premiums.
• Applies this tax credit to the state's personal income tax system.

Who It Names or Affects

• People who have Medicare or Medicare Advantage plans and pay premiums for them.
• Taxpayers in the state who file personal income taxes.

Terms To Know

Medicare

A federal health insurance program that covers people aged 65 and older, certain younger people with disabilities, and people with end-stage renal disease (ESRD).

Tax Credit

An amount of money a taxpayer can subtract from the total tax they owe to reduce their tax bill.

Limits and Unknowns

• The exact details on how much credit people will get and who qualifies are not specified in this summary.
• It is unclear if there are any limits or caps on the amount of the tax credit.

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.