HR 2998
100th Congress
House
Taxation
Business and commerce
Geriatrics
Health
Health insurance
Income tax
Insurance
Insurance premiums
Life insurance
Long-term care
Medical economics
Social Welfare
Tax exclusion
A bill to amend the Internal Revenue Code of 1986 to exclude from gross income amounts otherwise includible on the surrender or cancellation of any life insurance policy which are used to pay long-term care insurance premiums.
Introduced: July 23, 1987
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 23, 1987
Referred to House Committee on Ways and Means.
Jul 23, 1987
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to exclude from the gross income of an individual otherwise taxable amounts derived from the whole or partial surrender, cancellation, or exchange of any life insurance policy if: (1) the individual is age 65 or older on the date of the transaction; and (2) the amounts in question are used to pay premiums for an insurance policy covering at least 12 months of medically necessary care for the individual or a spouse meeting the same 65-year age requirement.
What's happening now
Referred to House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1