Connecticut HB05018 establishes a personal income tax deduction for payments from an insurance company related to long-term care insurance policy.
Connecticut HB05018 amends the state's general statutes to create a personal income tax deduction for payments received from an insurance company. This deduction applies to payments made in exchange for the buyout or cancellation of a long-term care insurance policy, provided these payments are includable in gross income for federal income tax purposes. This change aims to provide tax relief for individuals who have terminated their long-term care insurance policies.
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