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HR 4904 99th Congress House Taxation Bank deposits Finance and Financial Sector Health Income tax Medical economics Savings accounts Tax deductions Tax exclusion

Long-Term Care Savings Account Act of 1986

Introduced: May 22, 1986 See on congress.gov
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This bill died when the 99th Congress ended
It never became law before the 99th Congress (1985–1986) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 22, 1986
Referred to House Committee on Ways and Means.
May 22, 1986
Introduced in House
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 Plain-English summary Congressional Research Service

Long-Term Care Savings Account Act of 1986 - Amends the Internal Revenue Code to allow an income tax deduction for contributions made to a savings account established to pay the long-term care expenses of an individual. Defines "long-term care expenses" as expenses incurred for any item or service medically necessary or prudent for the care of the beneficiary of such an account.

Limits such deduction to $2,000 (adjusted for inflation) annually. Provides that only the beneficiary, the spouse of the beneficiary, and the parents of the beneficiary may contribute to such an account. Provides that no account may have more than one beneficiary and that no individual may be the beneficiary of more than one account.

Permits a tax exclusion for income accumulated in such savings accounts as long as such amounts are used exclusively for long-term care expenses. Sets forth penalties for the use of account funds for other than long-term care purposes.

Extends the deduction for contributions to a long-term care savings account to taxpayers who do not otherwise itemize deductions.

What's happening now May 22, 1986

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Kaptur, Marcy
Ohio · Aug 1, 1986
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4904: Long-Term Care Savings Account Act of 1986. 99th Congress. Open America. https://openamerica.io/bill/99-HR-4904/
MLA
"H.R. 4904: Long-Term Care Savings Account Act of 1986." 99th Congress, 2026, Open America, https://openamerica.io/bill/99-HR-4904/.
Bluebook (legal)
H.R. 4904, 99th Cong. (2026), https://openamerica.io/bill/99-HR-4904/.
Markdown link
[H.R. 4904: Long-Term Care Savings Account Act of 1986](https://openamerica.io/bill/99-HR-4904/)
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