CT SB00012

Establishes a tax credit against state income tax for premiums paid on individual long-term care insurance policies that provide benefits in Connecticut.

Credit equals 15% of total long-term care insurance premiums paid during the taxable year, with a maximum of $500 per policy.

Unmarried individuals, married individuals filing separately, and heads of household may claim one credit; married couples filing jointly may claim up to two credits (one per policy, maximum two policies).

Credit can only reduce tax liability for the year in which it applies and cannot reduce liability below zero.

Effective July 1, 2014, and applicable to taxable years beginning on or after January 1, 2014.