H.R.4002 - Long-Term Care Support and Incentive Act of 2002107th Congress (2001-2002)
|Sponsor:||Rep. Davis, Susan A. [D-CA-49] (Introduced 03/19/2002)|
|Committees:||House - Ways and Means|
|Latest Action:||03/19/2002 Referred to the House Committee on Ways and Means.|
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Summary: H.R.4002 — 107th Congress (2001-2002)All Bill Information (Except Text)
Long-Term Care Support and Incentive Act of 2002 - Amends the Internal Revenue Code to: (1) allow a tax deduction in an amount equal to the applicable percentage of the amount of eligible long-term care premiums paid during the taxable year for coverage for the taxpayer, his spouse, and dependents under a qualified long-term care insurance contract, including accelerated deduction percentages for individuals 65 and older; (2) permit qualified long-term care insurance contracts to be offered under cafeteria plans and flexible spending arrangements under certain conditions; and (3) allow a tax credit limited by income for the taxable year for the number of applicable individuals with long-term care needs with respect to whom the taxpayer is an eligible caregiver for the taxable year.
Introduced in House (03/19/2002)
Revises specified requirements for qualifying long-term insurance contracts.