The proposed General Assembly Raised Bill No. 5304 seeks to amend the tax code concerning long-term care insurance premium rates and various financial benefits for taxpayers in Connecticut. It repeals subparagraph (B) of subdivision (20) of subsection (a) of section 12-701 and replaces it with new provisions that allow for specific subtractions from gross income for federal income tax purposes, including exemptions for state-issued obligation interest, state income tax refunds, and certain retirement benefits. The bill introduces new tax deductions for Social Security benefits based on income thresholds, contributions to state tuition programs, and Holocaust victims' settlement payments. Additionally, it allows taxpayers to deduct long-term care insurance premiums starting in 2026 and mandates that significant premium rate increases (20% or more) be spread over a minimum of three years. Furthermore, the bill enhances consumer protections for long-term care insurance policyholders by requiring insurance companies to notify policyholders of premium rate increases and providing options to adjust policy benefits. It also stipulates that any premium increase exceeding ten percent must be accompanied by a public hearing, with policyholders receiving prior notice. The effective date for these changes is set for July 1, 2026, and the overall aim of the bill is to provide tax relief to low- and middle-income families, support first-time homebuyers, and improve the financial landscape for individuals relying on long-term care insurance.