An Act Establishing A Personal Income Tax Deduction For Certain Payments Received From An Insurance Company.

Also relevant to:Senior (65+, Medicare/SS)Caregiver (family or unpaid)

Where it is in the process

Plain-English Summary

To establish a personal income tax deduction for the portion of any payment from an insurance company received by a taxpayer (1) in exchange for a buyout or cancellation of a long-term care insurance policy, and (2) that is properly includable in gross income for federal income tax purposes.

Source: OpenStates · fetched February 4, 2026

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