LTC Trust Account Act (S. 504)
Overview:
110th Congress (2007-2009)
Type: New Tax-Advantaged Savings Account
Key Components:
- Create a new type of savings account (a LTC Trust Account). Individuals can contribute up to $5,000/year and receive a refundable 10% tax credit on the contribution.
- Interest earned on the account is not taxed. Funds can be withdrawn for the purchase of LTC insurance or to pay for LTC expenses.
Key Authors:
- Sen. Gordon Smith (R-OR)
Senate Finance
LTC Trust Account Act
(S. 504)
Category:
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