AN ACT ESTABLISHING A TAX CREDIT FOR PREMIUM PAYMENTS FOR CERTAIN LONG-TERM CARE INSURANCE POLICIES.

Plain English Breakdown

Checked against official source text during the last sync.

Tax Credit for Long-Term Care Insurance

This act creates a tax credit for individuals or groups who pay increased premiums on their long-term care insurance that exceed two percent of the yearly premium.

What This Bill Does

• Creates a tax credit for individuals and groups who buy long-term care insurance.
• The credit is based on any increase in premiums that go over two percent each year.
• Allows people to use this credit in future years if they don't use it all in the current year.

Who It Names or Affects

• People who have individual or group long-term care insurance policies.

Terms To Know

Tax Credit

A reduction in the amount of tax a person has to pay, based on certain expenses or investments.

Premiums

The regular payments made for insurance coverage.

Limits and Unknowns

• Does not specify how much the credit can be.
• It is unclear if there are limits on carrying over unused credits to future years.

Official Summary Text

To establish a tax credit equal to any increase in premium costs that exceed two per cent of premiums paid annually to purchase an individual or group long-term care insurance policy during a taxable year, and allow long-term care policyholders to carry such credit over to future taxable years.

Current Bill Text

LCO No. 25 1 of 1

General Assembly Proposed Bill No. 212
February Session, 2026 LCO No. 25

Referred to Committee on INSURANCE AND REAL ESTATE

Introduced by:
SEN. ANWAR, 3rd Dist.

AN ACT ESTABLISHING A TAX CREDIT FOR PREMIUM PAYMENTS
FOR CERTAIN LONG-TERM CARE INSURANCE POLICIES.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

That the general statutes be amended to establish a tax credit equal 1
to any increase in premium costs that exceed two per cent of premiums 2
paid annually to purchase an individual or group long -term care 3
insurance policy during a taxable year, and allow long -term care 4
policyholders to carry such credit over to future taxable years. 5
Statement of Purpose:
To establish a tax credit equal to any increase in premium costs that
exceed two per cent of premiums paid annually to purchase an
individual or group long -term care insurance policy during a taxable
year, and allow long-term care policyholders to carry such credit over
to future taxable years.