Tax Credit

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Connecticut Long Term Care Insurance Bill Killed in Legislative Committee

By |May 7, 2013|Categories: Breaking News, Government, Insurance Industry, Retirement Planning|Tags: , , , |

A bill introduced in the Connecticut General Assembly that would create a $500 personal income tax credit for premiums paid on Long Term Care Insurance has lost momentum.

Killed in Committee

On Monday, the Finance Revenue and Bonding Committee decided not to vote on the bill. Their decision gives the bill an uncertain fate during the current legislative session.

Objections raised by opponents of the bill claim it is too costly to the state. The tax credit will cost an estimated $71.5 million in 2014, $78.3 million in 2015, and $84.6 million annually from 2016 on, according to the Office[…]