Income Tax - Credit for Long-Term Care Premiums

HB 1437 creates a Maryland income tax credit for long-term care insurance premiums paid by residents aged 45 or older. It allows taxpayers to claim a credit equal to 100% of eligible premiums (capped at $250 per year per insured person), covering the taxpayer, spouse, or certain family members. The credit is restricted to policies purchased after December 31, 2026, and cannot be claimed for individuals already covered before January 1, 2027, or for multiple taxpayers claiming the same person. The bill also requires annual reports to the legislature on credit usage and its impact on state medical assistance savings.