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H.R. 7203

Long-Term Care Account Act

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.

Referred to the House Committee on Ways and Means.

Rep. Marchant, Kenny [R-TX-24](R-TX)Sponsor
1 cosponsor1 D
1cosponsors1committees3actions4subjects
  1. IntroReferralH11100

    Referred to the House Committee on Ways and Means.

    Ways and Means Committee
  2. IntroReferralIntro-H

    Introduced in House

  3. IntroReferral1000

    Introduced in House

Long-Term Care Account Act — Informed