Vote Smart's Synopsis:

Vote to pass a bill that establishes an income tax credit equal to 50 percent of premium payments made for long-term care insurance policies.

Highlights:

• Establishes an income tax credit equal to 50 percent of premium payments made for long-term care insurance policies or certificates (Sec. 1).

• Specifies that the income tax credits may not (Sec. 1):
• Exceed $150 for each taxpayer;
• Be claimed by a taxpayer if the taxpayer has included the amount of the premium payment as a deduction;
• Be claimed for premiums paid from a health savings account or medical care savings account with principal or interest that is excluded from adjusted gross income; and
• Exceed the taxpayer's income tax liability.

• This act applies retroactively to tax years beginning after December 31, 2010 (Sec. 5).

Full Bill Text