Bill > HB218

This bill, the Long-Term Care Relief Act of 2024, amends the existing law to modify the eligibility and maximum amount of a credit against the State income tax for certain long-term care insurance premiums paid by 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 amount is reduced from $500 per insured individual to the lesser of 15% of the eligible premiums paid or $1,500. The bill also removes the restriction on claiming the credit for individuals who were covered by long-term care insurance before July 2000 or had the credit claimed for them in a prior year. The changes are effective for tax years beginning after December 31, 2023.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0218?ys=2024RS