Long-Term Care Savings Account Act of 1987

Summary

Long-Term Care Savings Account Act of 1987 - Amends the Internal Revenue Code to allow an income tax deduction for contributions made to a savings account established to pay the long-term care expenses of an individual. Defines "long-term care expenses" as expenses incurred for any item or service medically necessary or prudent for the care of the beneficiary of such an account. Limits such deduction to $2,000 (adjusted for inflation) annually. Provides that only the beneficiary, the spouse of the beneficiary, and the parents of the beneficiary may contribute to such an account. Provides that no account may have more than one beneficiary and that no individual may be the beneficiary of more than one account. Permits a tax exclusion for income accumulated in such savings accounts as long as such amounts are used exclusively for long-term care expenses. Sets forth penalties for the use of account funds for other than long-term care purposes. Extends the deduction for contributions to a long-term care savings account to taxpayers who do not otherwise itemize deductions.

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1 official file

• Introduced in Senate

  summary · EN · 18 March 1987

  Open at official source

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