Bill > H2903

This bill proposes to amend the Massachusetts General Laws to provide a tax credit for individuals who purchase long-term care insurance policies. The credit would be equal to 20% of the premiums paid, and individuals claiming the credit would need to provide information about the credit to the Commissioner of the Department of Revenue, who would also be responsible for promulgating regulations to implement this new section of the law. The bill specifies that the tax credit would be applicable for taxable years ending on or after December 31, 2023.