[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8820 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8820

To amend the Internal Revenue Code of 1986 to provide an above-the-line 
 deduction for long-term care insurance premiums and to reduce certain 
                              tax credits.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 25, 2024

 Mr. Burlison 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 provide an above-the-line 
 deduction for long-term care insurance premiums and to reduce certain 
                              tax credits.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Improving Access to Long-Term Care 
Insurance Act''.

SEC. 2. DEDUCTION FOR LONG-TERM CARE INSURANCE PREMIUMS.

    (a) Deduction Not Subject to Minimum Amount of Expenses.--Section 
213 of the Internal Revenue Code of 1986 is amended by adding at the 
end the following new subsection:
    ``(f) Long-Term Care Insurance Premiums Not Subject to Minimum 
Amount of Expenses.--In the case of any eligible long-term care 
premiums taken into account under subsection (a), such subsection shall 
be applied--
            ``(1) without regard to the phase `to the extent that such 
        expenses exceed 7.5 percent of adjusted gross income' for 
        purposes of determining the deduction allowed under such 
        subsection for such premiums, and
            ``(2) by taking such premiums into account for purposes of 
        determining whether a deduction is allowed under such 
        subsection with respect to any other expenses paid for medical 
        care.''.
    (b) Deduction Allowed Whether or Not Taxpayer Itemizes 
Deductions.--Section 62(a) of such Code is amended by inserting after 
paragraph (21) the following new paragraph:
            ``(22) Deduction for long-term care insurance premiums.--
        The deduction allowed under section 213 for 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.

SEC. 3. REDUCTION OF CERTAIN TAX CREDITS.

    (a) In General.--Part IV of subchapter A of chapter 1 of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new subpart:

               ``Subpart H--Reduction of Certain Credits

``Sec. 54. Reduction of certain credits.

``SEC. 54. REDUCTION OF CERTAIN CREDITS.

    ``(a) In General.--In the case of any specified credit, the amount 
of such credit for any taxable year shall be reduced by the applicable 
percentage (determined under paragraph (2) with respect to such taxable 
year) of such amount (determined without regard to this subsection).
    ``(b) Applicable Percentage.--For purposes of this section--
            ``(1) In general.--The term `applicable percentage' means, 
        with respect to any taxable year the due date (determined 
        without regard to any extension) of the return of tax for which 
        is during any fiscal year, the percentage which the Secretary 
        estimates will result in an increase in revenue to the Treasury 
        during such fiscal year which is equal to the net decrease in 
        revenue to the Treasury during such fiscal year that the 
        Secretary estimates will result from the amendments made by 
        section 2 of the Improving Access to Long-Term Care Insurance 
        Act. The applicable percentage determined under the preceding 
        sentence with respect to any taxable year shall be made 
        publicly available by the Secretary before the beginning of 
        such taxable year.
            ``(2) Methodology.--The increase and decrease in revenue 
        referred to in paragraph (1) shall be determined, to the 
        maximum extent practicable, using the same methodology as is 
        used by the Joint Committee on Taxation to estimate the 
        budgetary effects of legislative proposals.
    ``(c) Specified Credits.--For purposes of this section, the term 
`specified credits' means the credits determined under sections 25C, 
25D, 25E, 30B, 30C, 30D, 40A, 45, 45H, 45K, 45L, 45Q, 45Y, 48A, 48B, 
and 48E.''.
    (b) Clerical Amendment.--The table of subparts for part IV of 
subchapter A of chapter 1 of such Code is amended by adding at the end 
the following new item:

              ``subpart h--reduction of certain credits''.

    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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