92nd General Assembly Summary of HB0617    [ Home ]   [ Back ]   [ Legislation ]

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House Sponsors:
KRAUSE-MATHIAS-MCKEON, SCHOENBERG, GARRETT AND COULSON.

Short description: 
LONG TERM CARE SAVNGS ACCT-NEW                                             

Synopsis of Bill as introduced:
        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   that money withdrawn from an account for a purpose other  than  paying      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.                                     
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 


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