Summary: H.R.831 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.831. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/01/2001)

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.