3.0.0 504 2023-01-11T19:58:46Z 2023-01-11T19:58:46Z Senate S S 2007-02-06 110 ssfi00 Finance Committee Senate Standing Referred to 2007-02-06T22:04:29Z 2007-02-06 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1641-1643) IntroReferral 2007-02-06 Sponsor introductory remarks on measure. (CR S1641) IntroReferral B00100 9 Library of Congress 2007-02-06 Introduced in Senate IntroReferral 10000 9 Library of Congress S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. N L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT 2007-02-07 False Taxation Bank accounts Chronically ill Economics and Public Finance Finance and Financial Sector Health Income tax Indexing (Economic policy) Insurance premiums Long-term care Long-term care insurance Tax credits Tax exclusion Tax exemption Tax refunds Taxation

00 2007-02-06 Introduced in Senate 2007-02-26T20:00:16Z 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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Official Title as Introduced Introduced in Senate IS Display Title Short Titles as Introduced Introduced in Senate 2007-02-06T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s504is/xml/BILLS-110s504is.xml 2007-02-06 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1641-1643) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.