HB 40 -- Income Tax Deduction for Long-Term Care Insurance
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Sponsor:  Portwood

This bill changes the laws regarding the long-term care insurance
income tax deduction.  For taxable years beginning after January
1, 2007, Missouri residents will be allowed to deduct from their
taxable income an amount equaling 100% of all non-reimbursed
amounts paid for qualified long-term care insurance premiums to
the extent the amounts are included in the individual's adjusted
gross income.

The bill establishes the Missouri Long-Term Care Partnership Act
which requires the departments of Social Services and Insurance
to coordinate a long-term care insurance partnership program
where private insurance and Missouri Medicaid funds will be used
to finance long-term care.  Under the program, an individual may
purchase a qualified state long-term care insurance policy that
meets certain criteria without first being required to
substantially exhaust their resources.

The directors of the departments must submit a report on the
progress of the partnership program to the General Assembly on
September 1, 2008, and on January 1 each year thereafter.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:17 am