S.1244 - Long-Term Care and Retirement Security Act of 2005

A bill to amend the Internal Revenue Code of 1986 to allow individuals a deduction for qualified long-term care insurance premiums, use of such insurance under cafeteria plans and flexible spending arrangements, and a credit for individuals with long-term needs. view all titles (2)

All Bill Titles

  • Short: Long-Term Care and Retirement Security Act of 2005 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to allow individuals a deduction for qualified long-term care insurance premiums, use of such insurance under cafeteria plans and flexible spending arrangements, and a credit for individuals with long-term needs. as introduced.

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Introduced
 
Senate
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House
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President
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06/14/05
 
 
 
 
 
 
 

Official Summary

Long-Term Care and Retirement Security Act of 2005 - Amends the Internal Revenue Code to: (1) allow a tax deduction from gross income for long-term care insurance premiums; (2) include long-term care insurance in employee benefit cafeteria plans and flexible spending arrangements; (3) allow

Official Summary

Long-Term Care and Retirement Security Act of 2005 - Amends the Internal Revenue Code to:
(1) allow a tax deduction from gross income for long-term care insurance premiums;
(2) include long-term care insurance in employee benefit cafeteria plans and flexible spending arrangements;
(3) allow a tax credit for certain long-term care costs;
(4) set forth certain consumer protections for long-term care insurance contracts; and
(5) allow tax free exchanges of long-term care insurance contracts.

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