Substitute Bill No. 5099 Summary

• Allows Connecticut income tax deduction for premiums paid on long-term care insurance policies issued under sections 38a-475, 38a-501, or 38a-528, effective for taxable years commencing January 1, 2020 and thereafter.

• Amends section 12-701(a)(20)(B) of the Connecticut general statutes to add long-term care insurance premiums as a new subtraction from Connecticut adjusted gross income.

• The deduction applies to the full amount of premiums paid in the taxable year for qualifying long-term care insurance policies.

• The bill took effect upon passage and is applicable to all taxable years commencing on or after January 1, 2020.