KRAUSE-MATHIAS-MCKEON, SCHOENBERG, GARRETT AND COULSON. New Act 35 ILCS 5/203 from Ch. 120, par. 2-203 Creates the Long-Term Care Savings Account Act and amends the Illinois Income Tax Act. Authorizes an employer to offer a long-term care savings account program to its employees for the reimbursement of long-term care expenses paid by the employee for the long-term care of a parent of the employee; also authorizes self-employed or other individuals to establish a long-term care savings account. Provides that principal contributed to and interest earned on an account and money reimbursed to the employee or other individual for eligible long-term care expenses are exempt from Illinois income tax. Provides that money withdrawn from an account for a purpose other than paying long-term care expenses is taxable. Repeals the Long-Term Care Savings Account Act on January 1, 2012. FEB-06-2001 H FILED WITH CLERK FEB-06-2001 H FIRST READING FEB-06-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-07-2001 H ASSIGNED TO COMMITTEE REVENUE FEB-07-2001 H ADDED AS A JOINT SPONSOR MATHIAS FEB-09-2001 H ADDED AS A CO-SPONSOR SCHOENBERG FEB-16-2001 H ADDED AS A JOINT SPONSOR MCKEON FEB-20-2001 H ADDED AS A CO-SPONSOR GARRETT FEB-23-2001 H ADDED AS A CO-SPONSOR COULSON MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary