AN ACT ESTABLISHING A PERSONAL INCOME TAX DEDUCTION FOR LONG-TERM CARE INSURANCE PREMIUM PAYMENTS.

HB 5030 establishes a personal income tax deduction for premiums paid toward long-term care insurance. This bill directly affects taxpayers who purchase long-term care insurance policies, allowing them to reduce their taxable income by the amount paid for these premiums. The key mechanism is a specific deduction added to the state tax code, which would lower the overall tax bill for eligible individuals. This policy change provides a concrete tax benefit for those covering long-term care costs through insurance.