South Carolina state lawmaker proposes LTCI bill
By National Underwriter
By Allison Bell
A South Carolina state lawmaker has prefiled a bill that could create a tax break for Palmetto State residents who buy long-term care insurance (LTCI).
State Sen. George Campsen III, R-Charleston, S.C., has introduced S. 0056, a bill that would establish an LTCI purchase tax credit.
The credit would equal 15 percent of the total amount of premimums paid by a taxpayer for an LTCI contract, up to $350 per year for each individual covered.
The taxpayer could get the credit for paying for a contract that covered the individual, a spouse or a dependent.
Campsen, a lawyer, is chairman of the Senate Fish, Game and Forestry Committee and a member of the Senate Judiciary Committee. The bill has been referred to the Senate Finance Committee.
Originally published on LifeHealthPro.com