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Tax Deduction for Long-Term Care Insurance Premiums and Credit Reductions.

This law creates a new tax deduction allowing citizens to subtract long-term care insurance premiums directly from their gross income, even if they do not itemize their deductions. This change aims to make long-term care coverage more accessible and affordable. To offset the cost, the law simultaneously reduces the value of several existing tax credits, primarily those related to clean energy and efficiency.
Key points
New Tax Benefit: You can deduct long-term care insurance premiums "above-the-line," reducing your taxable income regardless of whether you itemize deductions.
Easier Qualification: These premiums are no longer subject to the 7.5% Adjusted Gross Income floor that typically limits medical expense deductions.
Trade-off: The value of numerous specified tax credits (e.g., for renewable energy, electric vehicles, and energy efficiency) will be reduced by a calculated percentage to fund the new deduction.
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Additional Information
Print number: 118_HR_8820
Sponsor: Rep. Burlison, Eric [R-MO-7]
Process start date: 2024-06-25
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Improving Access to Long-Term Care Insurance Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8820.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-06-25.

What are the main provisions?

Key points include:

  • New Tax Benefit: You can deduct long-term care insurance premiums "above-the-line," reducing your taxable income regardless of whether you itemize deductions.
  • Easier Qualification: These premiums are no longer subject to the 7.5% Adjusted Gross Income floor that typically limits medical expense deductions.
  • Trade-off: The value of numerous specified tax credits (e.g., for renewable energy, electric vehicles, and energy efficiency) will be reduced by a calculated percentage to fund the new deduction.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Burlison, Eric [R-MO-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Health