Illinois bill could create LTCI tax deduction
By National Underwriter
By Allison Bell
The Illinois House Insurance Committee has kicked state House Bill 1308, a long-term care insurance (LTCI) income tax deduction bill, back to the Rules Committee.
The deadline for getting House bills through the House is April 19, and committees have been clearing their schedules by sending bills back to Rules Committee.
The Rules Committee can decide whether to bring a stalled bill back after a term has ended, or whether to put the bill together with other bills in a package.
H.B. 1308 would establish a deduction equal to the amount a taxpayer has paid for LTCI premiums during the taxable year. If the bill passed as written, t would take effect immediately.
The bill was introduced by Rep. Pam Roth, R-Morris, Ill. Roth has attracted seven cosponsors.
Today, Illinois has a private LTCI-Medicad Partnership benefits coordination program, but it offers no tax incentives for private LTCI purchasers.
Originally published on LifeHealthPro.com