House Bill Could Create an Unlimited LTCI Premium Deduction
A House Republican has come up with an idea for paying for an unlimited long-term care insurance premium tax deduction: reduce the value of energy efficiency and pollution reduction tax credits created by the Inflation Reduction Act of 2022.
Rep. Eric Burlison, R-Mo., has proposed that strategy in H.R. 8820, the Improving Access to Long-Term Care Insurance Act bill.
The bill would make a full “above the line” LTCI premium tax deduction available to all individuals paying for this care, including those who do not have enough medical expenses to itemize medical costs when they file their federal income taxes.
The list of new tax credits that would be pruned to pay for the LTCI premium deduction includes the nonbusiness energy property credit, alternative motor vehicle credit, the energy efficient home credit and lean electricity production credit.
What it means: Some members of Congress are still thinking about ways to help people pay for private long-term care insurance.
Details: Burlison’s bill has no cosponsors.
It’s under the jurisdiction of the House Ways and Means Committee.
