Proposed H.B. No. 5144
Session Year 2025
 


AN ACT ESTABLISHING A PERSONAL INCOME TAX DEDUCTION FOR CERTAIN PAYMENTS RECEIVED FROM AN INSURANCE COMPANY.

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.

Introduced by:
Rep. Gary A. Turco, 27th Dist.
Rep. Mike Demicco, 21st Dist.

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Bill History

 Date Action Taken
 1/14/2025Referred to Joint Committee on Finance, Revenue and Bonding

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