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- S.504
S.504: Long-Term Care Trust Account Act of 2007
About This Bill
- This bill was introduced in the 110th Congress
- This bill is primarily about taxation
- Introduced Feb. 6, 2007
- Latest Major Action Feb. 6, 2007
- See the one similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsor
Bill Summary
Long-Term Care Trust Account Act of 2007 - Amends the Internal Revenue Code to: (1) establish tax-exempt long-term care trust accounts; (2) allow cash contributions to such accounts up to $5,000 annually; (3) allow an exclusion from gross income for certain distributions, including for long-term care services for chronically-ill individuals; (4) impose penalties for excess contributions to such accounts and for failure to provide required...
(Source: Library of Congress)
Bill Actions
| Date | Description |
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Sponsor introductory remarks on measure.
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Read twice and referred to the Committee on Finance.
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| Feb. 6, 2007 |
Introduced in the Senate by Gordon Harold Smith (R-Ore.) |