LTC and Retirement Security Act, 2003 (HR 2096)
Overview:
108th Congress (2003-2005)
Type: Tax Deductions; Use of FSA Funds and Cafeteria Plans
Key Components:
- Companion bill to S. 1335 from 108th Congress. Phase in deductions for LTC insurance premiums over 5 years, starting at
25% and going up to 100% by 2008 and beyond. Premiums would
be tax-deductible without requiring itemized deductions and not subject to the 7.5% medical expenses of AGI. - Deductions are limited by age-related caps determined by Individual Retirement Accounts that are adjusted annually for inflation protection.
- Allow LTC insurance under cafeteria and FSA plans. Includes a phased in
family caregiver tax credit.
Key Authors:
- Rep. Nancy Johnson (R-CT)
LTC and Retirement Security
Act, 2003
(HR 2096)
Category:
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