To amend the Internal Revenue Code of 1986 to improve long-term care access for elderly Americans.
Long-Term Care Act of 1994 - Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of a principal residence if the new residence is a qualified continuing care retirement community and the taxpayer has attained the age 55.
Excludes from gross income amounts withdrawn from individual retirement plans or certain pension plans to pay qualified long-term care insurance expenses.
Increases the one-time exclusion of gain on the sale of a principal residence by individuals who have attained age 55 by the amount set aside for the long-term care of such individuals.
Requires State mortgage loan laws to expressly apply to reverse mortgage loans.
Provides that proceeds from reverse mortgage loans shall not be treated as income or receipts for means-tested programs.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E2064)
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the House Committee on Government Operations.
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Legislation and National Security.
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