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Virginia Mulls LTC Tax Credit

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Virginia state lawmakers are considering a bill that would expand state tax credits for long term care insurance premiums.

The bill, H.B. 1050, would double the amount of credit an individual could take for LTC insurance to 30% of the amount of premium paid, from 15%, effective Jan. 1, 2010.

The bill is being sponsored in the General Assembly by Rep. T. Scott Garrett, R-Lynchburg, Va., and others.

The bill was approved by the Virginia Assembly Finance Committee Feb. 10, and it is now being considered by the Appropriations Committee.

The Virginia Senate is considering a similar bill, S.B. 310.