SB 897 Summary

• Adds a new income tax deduction for qualified long-term care insurance premiums that are deductible under Section 213 of the Internal Revenue Code to Connecticut's adjusted gross income calculation

• Applies to taxable years commencing on or after January 1, 2021

• Amends section 12-701(a)(20)(B) of the general statutes by adding clause (xxvi) to the list of subtractions from federal adjusted gross income

• Allows taxpayers to deduct the cost of long-term care insurance premiums from their Connecticut state income tax, to the extent those premiums are allowable federal deductions