legislation: 99-hr-4904

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
99-hr-4904 99 hr 4904 Long-Term Care Savings Account Act of 1986 Taxation 1986-05-22 1986-05-22 Referred to House Committee on Ways and Means. House Rep. Mikulski, Barbara A. [D-MD-3] MD D M000702 11 Long-Term Care Savings Account Act of 1986 - Amends the Internal Revenue Code to allow an income tax deduction for contributions made to a savings account established to pay the long-term care expenses of an individual. Defines "long-term care expenses" as expenses incurred for any item or service medically necessary or prudent for the care of the beneficiary of such an account. Limits such deduction to $2,000 (adjusted for inflation) annually. Provides that only the beneficiary, the spouse of the beneficiary, and the parents of the beneficiary may contribute to such an account. Provides that no account may have more than one beneficiary and that no individual may be the beneficiary of more than one account. Permits a tax exclusion for income accumulated in such savings accounts as long as such amounts are used exclusively for long-term care expenses. Sets forth penalties for the use of account funds for other than long-term care purposes. Extends the deduction for contributions to a long-term care savings account to taxpayers who do not otherwise itemize deductions. 2025-08-29T16:32:21Z  

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