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To amend the Internal Revenue Code of 1986 to create long-term care accounts funded by the proceeds of the sale or assignment of life insurance contracts.

USA115th CongressHR-7203| House 
| Updated: 11/30/2018
Kenny Marchant

Kenny Marchant

Republican Representative

Texas

Cosponsors (1)
Brian Higgins (Democratic)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Long-Term Care Account Act This bill allows tax-exempt long-term care accounts that are funded using a taxpayer's gains from the sale or assignment of a life insurance contract. The bill excludes from gross income (1) the gains that are contributed to the accounts, and (2) distributions from the accounts that are used exclusively for the long-term care expenses of the account beneficiary or the account beneficiary's spouse.
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Timeline
Nov 30, 2018
Introduced in House
Nov 30, 2018
Referred to the House Committee on Ways and Means.
  • November 30, 2018
    Introduced in House


  • November 30, 2018
    Referred to the House Committee on Ways and Means.

Taxation

Health care costs and insuranceIncome tax exclusionLife, casualty, property insuranceLong-term, rehabilitative, and terminal care

To amend the Internal Revenue Code of 1986 to create long-term care accounts funded by the proceeds of the sale or assignment of life insurance contracts.

USA115th CongressHR-7203| House 
| Updated: 11/30/2018
Long-Term Care Account Act This bill allows tax-exempt long-term care accounts that are funded using a taxpayer's gains from the sale or assignment of a life insurance contract. The bill excludes from gross income (1) the gains that are contributed to the accounts, and (2) distributions from the accounts that are used exclusively for the long-term care expenses of the account beneficiary or the account beneficiary's spouse.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Nov 30, 2018
Introduced in House
Nov 30, 2018
Referred to the House Committee on Ways and Means.
  • November 30, 2018
    Introduced in House


  • November 30, 2018
    Referred to the House Committee on Ways and Means.
Kenny Marchant

Kenny Marchant

Republican Representative

Texas

Cosponsors (1)
Brian Higgins (Democratic)

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Health care costs and insuranceIncome tax exclusionLife, casualty, property insuranceLong-term, rehabilitative, and terminal care