HB 6674 Summary

• Allows eligible Connecticut residents to claim a tax credit equal to 20% of long-term care insurance premiums paid during the taxable year on individual policies where they are the insured.

• Limits eligibility to residents with federal adjusted gross income of less than $200,000.

• Applies the credit against Connecticut income tax liability under Chapter 229 of the general statutes, excluding certain alternative minimum tax liability.

• Effective January 1, 2022, and applies to taxable years commencing on or after January 1, 2022.

• Referred to the Committee on Finance, Revenue and Bonding with a joint favorable recommendation.