Comprehensive LTC Support Act or 2006 (H.R. 6211)

Key Components:

• Amend the IRC to allow a deduction from gross income (available for taxpayers who do not itemize deductions) for the cost of LTC premiums for the taxpayer and certain family members.
• Phases in the deduction (50% in 2007, 75% in 2008 and 100% in 2009 and thereafter). Allows LTC insurance as a benefit under tax-qualified cafeteria plans and FSAs. Allows a tax credit for caregivers of
  individuals with long-term health care needs. Phases in a $3,000 credit amount for 2011 or thereafter, beginning with $1,000 in 2007, $1,500 in 2008, $2,000 in 2009, and $2,500 in 2010.
• Reduces the amount of the credit for taxpayers with AGI over $75,000 ($150,000 for joint returns), adjusted for inflation after 2007.