A bill to amend the Internal Revenue Code of 1986 to allow Americans to age with respect and dignity by providing tax incentives to assist them in preparing for the financial impact of their long-term care needs.
Aging with Respect and Dignity Act of 2005 - Amends the Internal Revenue Code to allow: (1) cafeteria pension plans and flexible spending arrangements to offer long-term care insurance benefits; (2) a tax deduction, up to $5,000, for contributions to a tax-exempt long-term care account; (3) an exclusion from gross income for distributions from a long-term care account to pay family long-term care expenses; and (4) an exclusion from gross income for the cash surrender value of annuity or life insurance contracts used to purchase long-term care insurance.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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