Bill > SB973

This bill modifies the existing income tax credit for eligible long-term care insurance premiums, which are costs for insurance that covers long-term care services as defined by federal law, for individuals who are Maryland residents and at least 45 years old. Starting with taxable years after December 31, 2026, the credit will be capped at a maximum of $250 per taxable year for each insured individual, a reduction from the previous unlimited 100% of premiums paid, up to a $500 limit. Additionally, the bill clarifies that the credit cannot be claimed for more than one year with respect to the same insured individual if that individual was covered by long-term care insurance before January 1, 2027, or if the credit was already claimed for that individual in a taxable year prior to January 1, 2027. These changes are intended to alter the structure and availability of this tax incentive for long-term care insurance.

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0973?ys=2026RS