Tax Relief for LTC Act (H.R. 6237)
Amend the IRC to provide tax credit for LTC premiums and for family caregivers living with a family member or dependent with LTC needs.
Amend the IRC to provide tax credit for LTC premiums and for family caregivers living with a family member or dependent with LTC needs.
Reintroduce S. 723 from 109th Congress. Amend the IRC of 1986 to allow small businesses to include LTC insurance in cafeteria plans.
Create tax deduction for LTC insurance premiums, starting at 25% in 2013 and increasing to 65% in 2015, and 100%
thereafter.
Amend the IRC to exclude up to $2,500/year from gross income distributions from eligible retirement plans if used to purchase LTC insurance or chronic illness benefit under a life insurance policy.
Allow taxpayers to take a deduction for LTC insurance premium amounts without satisfying the requirement that medical expenses exceed 7.5% of AGI.
Allow use of HSA funds for LTC expenses. By amending the Internal Revenue Code (IRC) of 1986 to Clarify Treatment of Distributions from Health Savings Accounts (HSAs) for LTC Services.
Reintroduces S. 4820 from 116th Congress. Amend the IRC to expand the use of retirement plan funds for purchasing LTC insurance and for other purposes.
Increases from $3,000 to $6,000 the amount of the exclusion from gross income of distributions from a tax-exempt retirement plan for health and LTC insurance for public safety officers.
Increases from $3,000 to $6,000 the amount of the exclusion from gross income of distributions from a tax-exempt retirement plan for health and LTC insurance for public safety officers.
Ability to use Retirement Account Funds to Pay for LTC insurance premiums without added 10% tax on early distributions.