MD SB973

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 covered by the long-term care insurance contract to qualify for the credit

Restricts eligibility to policies purchased on or after January 1, 2027, excluding individuals who had long-term care coverage before that date or who previously claimed the credit

Allows taxpayers to claim the credit for premiums paid for themselves, spouse, parent, stepparent, child, or stepchild

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