I 111th CONGRESS 1st Session H. R. 1891 IN THE HOUSE OF REPRESENTATIVES April 2, 2009 Mr. Alexander introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for half of an individual’s long-term care insurance premiums.

1.

Short title

This Act may be cited as the Sunset of Life Protection Act of 2009.

2.

Above-the-line deduction for half of long-term care insurance premiums

(a)

Adjusted gross income threshold not To apply

Subsection (a) of section 213 of the Internal Revenue Code of 1986 (relating to medical, dental, etc., expenses) is amended to read as follows: (a)

Allowance of deduction

(1)

In general

There shall be allowed as a deduction the expenses paid during the taxable year, not compensated for by insurance or otherwise, for medical care of the taxpayer, the taxpayer’s spouse, or a dependent (as defined in section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof), to the extent that such expenses exceed 7.5 percent of adjusted gross income. (2)

Special rules for long-term care insurance premiums

At the election of the taxpayer for the taxable year, the adjusted gross income threshold in paragraph (1) shall not apply to 50 percent of the eligible long-term care premiums (as defined in subsection (d)(10)). . (b)

Deduction allowed whether or not taxpayer itemizes deductions

Subsection (a) of section 62 of such Code (defining adjusted gross income) is amended by inserting after paragraph (21) the following new paragraph: (22)

Long-term care insurance premiums

In the case of a taxpayer for whom the election under section 213(a)(2) is in effect, the deduction allowed by section 213 for 50 percent of the eligible long-term care premiums (as defined in section 213(d)(10)). . (c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.