Bill > HB1437

This bill modifies the existing income tax credit for eligible long-term care insurance premiums, which are defined as premiums for long-term care insurance contracts covering a Maryland resident who is at least 45 years old, as per federal tax code definitions. Starting with taxable years after December 31, 2026, the bill changes the credit from a potential one-time $500 amount to a maximum of $250 per taxable year for each insured individual. It also alters the conditions under which the credit can be claimed, specifically by removing the limitation that prevented claiming the credit for more than one year with respect to the same insured individual and by adjusting the date after which an individual must not have been previously covered by long-term care insurance or had the credit claimed for them to be eligible. The bill applies to taxable years beginning after December 31, 2026, and takes effect on July 1, 2026.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1437?ys=2026RS