Efforts to create an above-the-line deduction for long term care premiums just got a major boost.[@@]
An LTC provision is included in a bipartisan bill aimed at creating a “living memorial” honoring the former President Ronald Reagan. The number of the bill, the Ronald Reagan Alzheimer’s Breakthrough Act of 2004, is not yet available.
Although most of the bill focuses on increasing funding for Alzheimer’s research and establishing a public education campaign, the bill also contains the LTC language long sought by the insurance industry.
An above-the-line deduction for LTC coverage would be available to all taxpayers, including those who do not itemize.