United States · Bill · S
S. 504 (110th)
Long-Term Care Trust Account Act of 2007
Introduced
6 February 2007
Last action
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Status
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1641-1643)
Sponsors
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Subjects
Discovery layer
Source updated
14 August 2025
Summary
Long-Term Care Trust Account Act of 2007 - 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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Votes
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Versions
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate · EN · 6 February 2007
Introduced in Senate (PDF)
Introduced in Senate · EN · 6 February 2007
Introduced in Senate
summary · EN · 6 February 2007
Sponsors
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Related records
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Sources
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- Official source: https://www.congress.gov/bill/110th-congress/senate-bill/504
- Open data entity: https://api.congress.gov/v3/bill/110/s/504