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Bill

S 7105

Relates to tax credits for premiums paid for long-term care insurance

2025 Regular Session Introduced by Andrew Lanza

Bill S 7105 offers tax credits for long-term care insurance premiums, making coverage more affordable and reducing future burdens on public healthcare systems.

REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
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Bill Summary · S 7105

Summary of Bill S 7105

Bill Information

  • Bill Number: S 7105
  • Title: Relates to tax credits for premiums paid for long-term care insurance
  • Status: Referred to Investigations and Government Operations
  • Introduced: April 01, 2025
  • Classification: Bill

Purpose and Intent

Bill S 7105 aims to provide financial relief to individuals who purchase long-term care insurance by offering tax credits for premiums paid. The intent is to encourage more people to invest in long-term care insurance, thereby enhancing their financial security and reducing the potential burden on public healthcare systems.

Key Provisions

  • Tax Credits: The bill proposes a tax credit for individuals who pay premiums for long-term care insurance. The specifics of the credit amount and eligibility criteria are not detailed in the provided information but are typically designed to offset the cost of insurance premiums.
  • Eligibility: While the exact eligibility requirements are not specified, it is common for such credits to be available to taxpayers who can demonstrate that they have paid premiums for qualified long-term care insurance policies.

Impact

  • Individuals and Families: The primary beneficiaries of this bill would be individuals and families who purchase long-term care insurance. The tax credits could make these policies more affordable, encouraging more people to secure coverage.
  • Healthcare System: By promoting long-term care insurance, the bill may help alleviate future financial pressures on public healthcare systems by reducing the number of individuals relying solely on government-funded long-term care services.

Procedural Aspects

  • Legislative Action: As of April 01, 2025, the bill has been referred to the Investigations and Government Operations committee for further consideration. The timeline for subsequent actions, such as hearings or votes, has not been specified.

Related Bills

This bill is related to several prior-session bills that may have addressed similar issues regarding long-term care insurance and tax credits:
- S 6697
- S 6168
- S 3280
- S 4933
- S 5067

These related bills may provide context or precedent for the current legislation, indicating ongoing legislative interest in the topic of long-term care insurance and its financial implications.

This summary provides an overview of Bill S 7105, highlighting its purpose, key provisions, potential impact, and procedural status. For further details, stakeholders may need to follow the bill's progress through the legislative process.

Compiled from official sources — confirm details with the bill’s official record.

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