SECTION 1. Chapter 176U of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by inserting after section 9 the following section:-
Section 10. Any individual eligible for a long-term care insurance policy shall be allowed a credit as hereinafter provided against the excise due under chapter 62 of the General Laws for taxable years ending on or after December 31, 2023. The amount of the credit shall be equal to 20 percent of the premiums paid.
An individual claiming a credit under this section shall furnish such information relative to the credit as may be requested by the commissioner of the department of revenue in a form approved by him, and the commissioner shall promulgate such regulations as are necessary to implement this section.
SECTION 2. This act shall take effect for taxable years ending on or after December 31, 2023.
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