Long-Term Care Trust Account Act of 2006

Summary

Long-Term Care Trust Account Act of 2006 - Amends the Internal Revenue Code to: (1) establish tax-exempt long-term care trust accounts; (2) allow cash contributions to such accounts up to $5,000 annually; (3) allow an exclusion from gross income for certain distributions, including for long-term care services for chronically-ill individuals; (4) impose penalties for excess contributions to such accounts and for failure to provide required reports on such accounts; and (5) allow a refundable tax credit for 10% of the annual contributions to such accounts.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 9 March 2006

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 9 March 2006

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 9 March 2006

  Open at official source

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