Congress 108 - HR 2096 - Long-Term Care and Retirement Security Act of 2003

Sponsor

Cosponsors

Topics

Caregivers Commerce Consumer protection Disabled Economics and Public Finance Employee health benefits Excise tax Families Finance and Financial Sector Flexible benefit plans Health Income tax Indexing (Economic policy) Insurance premiums Labor and Employment Long-term care Long-term care insurance Medical economics Social Welfare Standards Tax credits Tax deductions Tax exclusion Tax penalties Tax returns Taxation

Full Text

View Full Bill Text

Votes

Summary

Long-Term Care and Retirement Security Act of 2003 - Amends the Internal Revenue Code to allow: (1) a deduction (increasing percentages with full deductibility as of 2008) for eligible long-term care insurance premiums for a taxpayer, spouse, and dependents 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.

Treats an exchange of qualified long-term care insurance contracts as a disposition of property for which no gain or loss is recognized.

Actions

May 14, 2003

Referred to the House Committee on Ways and Means.
May 14, 2003

Introduced in House

Amendments

Related Bills