Bill > SB86

This bill, the Long-Term Care Relief Act of 2024, amends the existing law to alter the eligibility and maximum amount of the tax credit for long-term care insurance premiums paid by Maryland taxpayers. Specifically, it limits the credit to taxpayers who are at least 85 years old and have a Maryland adjusted gross income of less than $100,000 for individual filers or $200,000 for joint filers. The maximum credit is the lesser of 15% of the eligible premiums paid or $1,500 per insured individual, and the credit can only be claimed for policies purchased after December 31, 2004. The bill also removes restrictions on the credit being claimed for individuals covered by long-term care insurance before July 2000 or for whom the credit has been claimed in previous years. The bill takes effect on July 1, 2024, and applies to all taxable years beginning after December 31, 2023.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0086?ys=2024RS