Maryland SB973 creates a tax credit for eligible long-term care premiums, up to $250 per insured individual per year.

Maryland SB973 amends the state income tax law to introduce a credit for eligible long-term care premiums. The credit is limited to $250 per insured individual per taxable year, applicable to all taxable years beginning after December 31, 2026. The credit cannot exceed the state income tax for that year and cannot be claimed by more than one taxpayer for the same insured individual in the same year. The credit does not affect federal tax deductions or exclusions for long-term care premiums.

Maryland SB973 creates a tax credit for eligible long-term care premiums, up to $250 per insured individual per year.

Maryland SB973 amends the state income tax law to introduce a credit for eligible long-term care premiums. The credit is limited to $250 per insured individual per taxable year, applicable to all taxable years beginning after December 31, 2026. The credit cannot exceed the state income tax for that year and cannot be claimed by more than one taxpayer for the same insured individual in the same year. The credit does not affect federal tax deductions or exclusions for long-term care premiums.