SENATE BILL 29

File Code: Income Crossfiled with: HOUSE BILL 1026

Sponsored By:

Senators Hollinger and Teitelbaum

Entitled:

Income Tax - Credit for Long-Term Care Insurance Premiums

Synopsis:

Allowing an individual a credit against the State income tax in an amount equal to 5% of the eligible long-term care insurance premiums paid by the individual for long-term care insurance covering the individual or the individual's spouse or dependent; providing that the credit does not affect the Maryland income tax treatment of any deduction or exclusion allowed for federal income tax purposes for the eligible long-term care premiums; and applying the Act to tax years beginning after 1996.

Legislative History

Senate Action

10/23

Pre-filed

1/8

First Reading Budget and Taxation

Hearing 1/15 at 2:00 p.m.

3/10

Unfavorable Report by Budget and Taxation

House Action

No Action

Sponsored by:

Senator Paula Colodny Hollinger, District 11

Senator Leonard H. Teitelbaum, District 19

Bill indexed under the following Subjects:

HEALTH INSURANCE -see also- HMO; MANAGED CARE ORGANIZATIONS.

INCOME TAX

INSURANCE -see also- HEALTH INSURANCE; MOTOR VEHICLE INS

LONG TERM CARE

TAX CREDITS

Bill affects the following Statute:

Tax - General

( 10-708 )

Documents:

Bill Text:

First Reading (PDF), Third Reading, Enrolled

Fiscal Note: Available (PDF)