South Carolina state lawmaker proposes LTCI billNews added by National Underwriter on December 19, 2012
National Underwriter

National Underwriter

Joined: April 22, 2011

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
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