Income Tax - Credit for Long-Term Care Premiums

SB 973 adjusts Maryland's income tax credit for long-term care insurance premiums. It reduces the maximum annual credit from $500 to $250 per person for Maryland residents aged 45 or older who pay premiums for qualifying long-term care insurance covering themselves or eligible family members. The bill restricts claims if the insured individual was covered before January 1, 2027, or if the credit was previously claimed for that person. These changes take effect for tax years beginning after December 31, 2026.