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2005 SESSION

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HB 1591 Income tax, state; deduction for long-term care insurance premiums.

Introduced by: Gary A. Reese | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Income tax; deduction for long-term care insurance premiums.  Clarifies that the current deduction for long-term care insurance premiums paid by a taxpayer for himself or others is allowed to the taxpayer provided no deduction is taken for federal income tax purposes. The benefits will not be treated as taxable income to the beneficiaries of such benefits. The deduction is effective for taxable years beginning on and after January 1, 2005.

SUMMARY AS INTRODUCED:

Income tax; deduction for long-term care insurance premiums.  Expands the current deduction for long-term care insurance premiums paid by a taxpayer for himself to include premiums he paid on behalf of his spouse, children, parents and parents-in-law. The benefits will not be treated as taxable income to the beneficiaries of such benefits. The expanded deduction is effective for taxable years beginning on and after January 1, 2005.