HB05018Introduced in the House
An Act Establishing A Personal Income Tax Deduction For Certain Payments Received From An Insurance Company.
Introduced by Gary Turco, District 27
What does this bill do?
Plain-English breakdown
Writing a plain-English summary of this bill… this can take a few seconds the first time.
Official description
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.
Where it stands
Referred to Joint Committee on Finance, Revenue and Bonding
February 4, 2026
How did lawmakers vote?
No recorded vote is available for this bill yet.
Bill history
Referred to Joint Committee on Finance, Revenue and Bonding
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