HB1000

Repeals the substance of a section related to a long-term care insurance tax deduction

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Bill Text from Feb. 20, 2019 - Introduced

FIRST REGULAR SESSION

HOUSE BILL NO. 1000

100TH GENERAL ASSEMBLY

0249H.01I

DANA RADEMAN MILLER, Chief Clerk

INTRODUCED BY REPRESENTATIVE LAVENDER.

AN ACT

To repeal section 135.096, RSMo, and to enact in lieu thereof one new section relating to a tax

deduction.

Be it enacted by the General Assembly of the state of Missouri, as follows:

Section A. Section 135.096, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 135.096, to read as follows:

135.096. 1. In order to promote personal financial responsibility for long-term health care in this state, for all [taxable] tax years beginning after December 31, 1999, and ending before January 1, 2020, a resident individual may deduct from such individual's Missouri taxable income an amount equal to fifty percent of all nonreimbursed amounts paid by such individual for qualified long-term care insurance premiums to the extent such amounts are not included the individual's itemized deductions. For all [taxable] tax years beginning after December 31, 2006, and ending before January 1, 2020, a resident individual may deduct from [each] such individual's Missouri taxable income an amount equal to one hundred percent of all nonreimbursed amounts paid by such [individuals] individual for qualified long-term care insurance premiums to the extent such amounts are not included in the individual's itemized deductions. For all tax years ending before January 1, 2020, a married individual filing a Missouri income tax return separately from his or her spouse shall be allowed to make a deduction pursuant to this section in an amount equal to the proportion of such individual's payment of all qualified long-term care insurance premiums. For all tax years ending before January 1, 2020, the director of [the department of] revenue shall place a line on all Missouri individual income tax returns for the deduction created by this section.

EXPLANATION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended to be omitted from the law. Matter in bold-face type in the above bill is proposed language.

HB 1000

  1. For purposes of this section, "qualified long-term care insurance" means any policy which meets or exceeds the provisions of sections 376.1100 to 376.1118 and the rules and regulations promulgated pursuant to such sections for long-term care insurance.
  2. Notwithstanding any other provision of law to the contrary, two or more insurers issuing a qualified long-term care insurance policy shall not act in concert with each other and with others with respect to any matters pertaining to the making of rates or rating systems.

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