Bill > H3025

This bill introduces a new tax credit for individuals who have long-term care insurance policies in Massachusetts. Specifically, the legislation allows eligible individuals to claim a tax credit equal to 20 percent of the premiums they pay for their long-term care insurance policy when filing state income taxes (under chapter 62 of the General Laws). The tax credit will be available for taxable years ending on or after December 31, 2023. Individuals who want to claim this credit will need to provide specific information to the Massachusetts Department of Revenue, and the commissioner of that department is required to create regulations to implement the credit. Long-term care insurance is a type of insurance designed to help cover costs associated with extended medical care or assistance with daily living activities, typically for older or chronically ill individuals. By offering this tax credit, the state aims to encourage residents to obtain long-term care insurance and help offset the potentially high costs of such coverage.

Budget and Finance

https://malegislature.gov/Bills/194/H3025