Maryland HB1437 provides an income tax credit for eligible long-term care premiums paid by taxpayers.

Maryland HB1437 amends the state income tax law to allow a credit for eligible long-term care premiums paid by taxpayers. The credit is limited to $250 per taxable year for each insured individual, with a maximum credit of $500 per year. The credit applies to premiums paid for long-term care insurance covering the taxpayer, their spouse, parent, stepparent, child, or stepchild. The credit cannot be claimed for individuals who were covered by long-term care insurance before January 1, 2027, or for those who are at least 70 years old.

Maryland HB1437 provides an income tax credit for eligible long-term care premiums paid by taxpayers.

Maryland HB1437 amends the state income tax law to allow a credit for eligible long-term care premiums paid by taxpayers. The credit is limited to $250 per taxable year for each insured individual, with a maximum credit of $500 per year. The credit applies to premiums paid for long-term care insurance covering the taxpayer, their spouse, parent, stepparent, child, or stepchild. The credit cannot be claimed for individuals who were covered by long-term care insurance before January 1, 2027, or for those who are at least 70 years old.