The proposed bill, General Assembly Proposed Bill No. 212, aims to amend the general statutes to establish a tax credit for individuals who pay premiums for long-term care insurance policies. Specifically, the bill introduces a tax credit that is equal to any increase in premium costs that exceed two percent of the premiums paid annually for either individual or group long-term care insurance policies during a taxable year. This credit is designed to alleviate the financial burden on policyholders facing rising insurance costs.

Additionally, the bill allows long-term care policyholders to carry over any unused tax credit to future taxable years, providing further financial flexibility. The intent of this legislation is to support individuals in maintaining their long-term care insurance coverage despite potential increases in premium costs, thereby promoting access to necessary care services.