|Posted:||July 16, 2019 03:20 PM|
|From:||Representative Andrew Lewis|
|To:||All House members|
|Subject:||Long-Term Care Insurance Tax Credit|
|In the near future, I plan to introduce legislation to provide a tax credit for expenses incurred for long-term care insurance. It is high time we stand up as a Commonwealth for our senior citizens and those covering the costs of long-term care; let's join the 30+ other states that provide tax incentives for long-term care insurance.
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. Moreover, this legislation lessens the burden of hard-working citizens who foot the bill for long-term care insurance for themselves or their relatives. 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.
Under my proposed legislation, any person or business that pays for long-term care insurance in a taxable year may apply to the Department of Revenue for a tax credit in an amount equal to 30% of the amount of the long-term care insurance expenses incurred by the business in the taxable year.
Introduced as HB1848