A bill to amend the Internal Revenue Code of 1986 to provide for establishment of a credit for the cost of long-term health care insurance, and for other purposes.

Summary

Amends the Internal Revenue Code to permit a taxpayer a nonrefundable 15 percent income tax credit for long-term health insurance costs paid for the benefit of the taxpayer, spouse, or a parent of either. Limits the annual amount of the credit to $300 ($600 if the insurance covers two or more individuals). Reduces the credit percentage as income increases above specified levels ($43,150 single; $71,900 joint). Permits a taxpayer to include as tax-deductible medical expenses any amounts incurred for the long-term health care of a nondependent parent of either the taxpayer or spouse.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 January 1989

  Open at official source

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