Long-Term Care Insurance for the Elderly Act of 1989

Summary

Long-Term Care Insurance for the Elderly Act of 1989 - Amends the Internal Revenue Code to allow tax-free distributions from an individual retirement account or an individual retirement annuity for the purchase of long-term care insurance coverage when: (1) the entire amount received is used to buy such insurance for the individual or individual's spouse within 90 days of its receipt; and (2) the individual or individual's spouse has reached age 59 and one-half by the date of the distribution. Describes the method, based on the taxpayer's adjusted gross income for the taxable year, for determining the applicable percentage of the distribution or payment amount to which tax-free treatment will be accorded. Requires the Secretary of Health and Human Services to submit to the Congress, within one year after this Act's enactment, a proposal for the regulation of long-term care insurance policies, including minimum standards and an evaluation of the various catastrophic and long-term care policies currently available.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 18 October 1989

   Introduced

   Introduced in House

   Source: IntroReferral

2. 18 October 1989

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 October 1989

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

4. 27 October 1989

   Referred

   Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 18 October 1989

  Open at official source

Sponsors

• Rep. Rowland, J. Roy [D-GA-8] · D · Sponsor
• Rep. Thomas, Lindsay [D-GA-1] · D · Cosponsor
• Rep. Lagomarsino, Robert J. [R-CA-19] · R · Cosponsor
• Rep. Nielson, Howard C. [R-UT-3] · R · Cosponsor
• Rep. Dannemeyer, William E. [R-CA-39] · R · Cosponsor
• Nancy Pelosi · D · Cosponsor
• Rep. Gordon, Bart [D-TN-6] · D · Cosponsor
• Rep. McDermott, Jim [D-WA-7] · D · Cosponsor
• Rep. Towns, Edolphus [D-NY-11] · D · Cosponsor
• Rep. Kolter, Joseph P. [D-PA-4] · D · Cosponsor
• Rep. Atkins, Chester G. [D-MA-5] · D · Cosponsor
• Rep. Armey, Richard K. [R-TX-26] · R · Cosponsor
• · hsif00 · Standing
• · hswm00 · Standing

Related records

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