Efforts to create an “above the line” tax deduction for consumer long term care insurance premium payments are back on the agenda in the U.S. House of Representatives.[@@]
Reps. Nancy Johnson, R-Conn., and Earl Pomeroy, D-N. D., have introduced “The Long-Term Care and Retirement Security Act of 2005,” H.R. 2682, an LTC tax break bill based on a similar bill introduced in 2003.
The earlier bill died in the House Ways and Means Committee, but a measure that would have let taxpayers use health savings accounts to buy LTC insurance came close to passing in 2003.