MD HB1437

Reduces the maximum state income tax credit for long-term care insurance premiums from $500 to $250 per insured individual for taxable years beginning after December 31, 2026

Adds a minimum age requirement of 45 years old for individuals to be covered under eligible long-term care premium policies

Restricts the credit to policies purchased on or after January 1, 2027, preventing claims for individuals who had long-term care coverage before that date

Allows taxpayers to claim 100% of eligible premiums paid for coverage of themselves, their spouse, parent, stepparent, child, or stepchild

Takes effect July 1, 2026, applicable to taxable years beginning after December 31, 2026