Summary: H.R.7203 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.7203. Bill summaries are authored by CRS.

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Introduced in House (11/30/2018)

Long-Term Care Account Act

This bill allows tax-exempt long-term care accounts that are funded using a taxpayer's gains from the sale or assignment of a life insurance contract. The bill excludes from gross income (1) the gains that are contributed to the accounts, and (2) distributions from the accounts that are used exclusively for the long-term care expenses of the account beneficiary or the account beneficiary's spouse.