Long-Term Care Trust Account Act of 2007
Latest action · Feb 6, 2007 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1641-1643)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 6, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Long-Term Care Trust Account Act of 2007 - Amends the Internal Revenue Code to: (1) establish tax-exempt long-term care trust accounts; (2) allow cash contributions to such accounts up to $5,000 annually; (3) allow an exclusion from gross income for certain distributions, including for long-term care services for chronically-ill individuals; (4) impose penalties for excess contributions to such accounts and for failure to provide required reports on such accounts; and (5) allow a refundable tax credit for 10% of the annual contributions to such accounts.
Cosponsors 1
Members who signed on, in the order they did. All signed on Feb 7, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-AR | Blanche L. Lincoln | Feb 7, 2007 |
Actions 3
Everything that happened, newest first.
- Feb 6, 2007Introduced in Senate
- Feb 6, 2007Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1641-1643)
- Feb 6, 2007Sponsor introductory remarks on measure. (CR S1641)
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 6, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.