Long-Term Care and Retirement Security Act of 2001 - Amends the Internal Revenue Code to allow: (1) a deduction (based on years of continuous coverage) for eligible long-term care insurance premiums for a taxpayer, spouse, and dependents, including accelerated deduction percentages for persons who are 55 years old; and (2) long-term care insurance to be offered under cafeteria plans and flexible spending arrangements.
Allows an income-adjusted (limited) credit for eligible individuals with long-term care needs.
Sets forth specified requirements for qualifying long-term care insurance contracts.
Actions
Mar 27, 2001
Read twice and referred to the Committee on Finance.
Mar 27, 2001
Sponsor introductory remarks on measure. (CR S2995)