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| SPONSOR: | Lopez | DATE TYPED: | 02/27/01 | HB | |||
| SHORT TITLE: | Tax Incentives for Long-term Care Insurance | SB | SJM 66 | ||||
| ANALYST: | Williams | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY01 | FY02 | FY01 | FY02 | ||
| NFI | |||||
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Agency on Aging
SUMMARY
Synopsis of Bill
The memorial requests a study of possible tax incentives for the purchase of long-term care insurance. The text outlines concerns regarding long-term care insurance and the chronically ill.
The State Agency on Aging and the Interagency Committee on Long-term Care are directed to study the advisability of establishing tax incentives for the purchase of long-term care insurance. The Insurance Division of the Public Regulation Commission, the Taxation and Revenue Department, the Human Services Department and the Department of Health are directed to provide assistance and information. Findings and recommendations are to be reported to the interim Health and Human Services Committee, the Revenue Stabilization and Tax Policy Committee and the Legislative Finance Committee at their October 2001 meetings.
Significant Issues
The Agency on Agency notes long-term care is expensive, and mechanisms through which more people could purchase this insurance would have benefits.
FISCAL IMPLICATIONS
No fiscal impact.
ADMINISTRATIVE IMPLICATIONS
Administrative cost to the agencies noted above.
AW/njw:prr