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Friday, November 20, 2009
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Tax breaks sought for long-term care
A bill recently introduced would exclude from gross income certain retirement plan distributions paying for long-term care insurance premiums. HR 3517 joins several other bills that seek tax breaks related to long-term-care insurance premiums. S 1809 is similar to HR 3517; S 1980 would allow individuals to contribute up to $5,000 per year to a trust account and would provide a 10% tax credit for the amount contributed. For a look at the bills, visit thomas.loc.gov.
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