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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | January 13, 2013 01:44 PM |
|---|---|
| From: | Representative Scott A. Petri |
| To: | All House members |
| Subject: | Long-Term Care Tax Credit |
| In light of the rising cost of health care and the absence of widespread long term care insurance coverage, this legislation provides an incentive for businesses to provide long term care insurance for their employees. Enactment of this legislation would be a win-win situation for citizens and businesses of the Commonwealth. More citizens would be covered with long-term care insurance and businesses would realize an extra incentive to provide these benefits to their employees. Any business that provides long-term care insurance in a taxable year may apply to the Department of Revenue for a tax credit in an amount equal to 20% of the amount of the long term care insurance expenses incurred by the business in the taxable year. This legislation provides $5 million in tax credits solely for small businesses, with a total cap of $20 million. Previous Cosponsors: BAKER , CALTAGIRONE , CLYMER , D. COSTA, DENLINGER , EVERETT , FLECK , GOODMAN, GRELL , GROVE, HARHART , HENNESSEY , KILLION , KNOWLES, LONGIETTI , MICOZZIE , MILLARD , MURT , O'NEILL , PETRARCA , PICKETT , PYLE , RAPP , READSHAW , SCAVELLO , SWANGER , and WATSON |
Introduced as HB144