Long-Term Care and Retirement Security Act of 2001

Senate Bill 627 - Long-Term Care and Retirement Security Act of 2001: Overview, Status, and Impact

Hozzl · 2023-01-17T01:03:16Z

Explore the details of Senate Bill 627 Long-Term Care and Retirement Security Act of 2001 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/17/2023, 1:03 AM

Congressional Summary of S 627

Long-Term Care and Retirement Security Act of 2001 - Amends the Internal Revenue Code to allow: (1) a deduction (based on years of continuous coverage) for eligible long-term care insurance premiums for a taxpayer, spouse, and dependents, including accelerated deduction percentages for persons who are 55 years old; and (2) long-term care insurance to be offered under cafeteria plans and flexible spending arrangements.

Allows an income-adjusted (limited) credit for eligible individuals with long-term care needs.

Sets forth specified requirements for qualifying long-term care insurance contracts.

Current Status of Bill S 627

Bill S 627 is currently in the status of Bill Introduced since March 27, 2001. Bill S 627 was introduced during Congress 107 and was introduced to the Senate on March 27, 2001. Bill S 627's most recent activity was Read twice and referred to the Committee on Finance. as of March 27, 2001