HB23-1122: Long-Term Care Insurance Tax Credit Modifications

• Increases federal taxable income limits for single filers from $50,000 to $100,000 and joint filers from $50,000/$100,000 to $100,000/$200,000 for tax years beginning January 1, 2024.

• Doubles the maximum tax credit from $150 to $300 per long-term care insurance policy starting January 1, 2024.

• Requires annual inflation adjustments to both the income limits and maximum credit amounts using the Consumer Price Index for Denver-Aurora-Lakewood.

• Takes effect January 1, 2024, unless a referendum petition is filed within 90 days of adjournment, in which case voter approval in November 2024 is required.