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House Bill 1448


House Bill 1448

ARCHIVE (2009)

Latest Information

 

DIGEST OF HB1448 (Updated February 25, 2009 7:04 pm - DI 84)


Indiana long term care savings plan. Establishes a long term care savings plan (plan) for a participant to fund an account to pay eligible long term care expenses of the participant. Establishes a board of directors (board) to develop and implement the plan. Designates the treasurer of state as the board chair. Authorizes the board to: (1) administer the plan; (2) enter into agreements with financial institutions to receive participant contributions in the form of account deposits; or (3) do both. Limits plan contributions to $165,000 during a participant's lifetime. Indexes the limitation for inflation. Provides a state income tax deduction of $1,000 for an individual and $2,000 for a joint return for contributions to the plan in a taxable year. Provides that qualified withdrawals from the plan to pay eligible long term care expenses are exempt from state income tax, and nonqualified withdrawals are subject to a 10% penalty and state income tax on the amount withdrawn. Establishes a long term care savings plan trust (trust) administered and managed by the board to invest participants' contributions to the plan. Provides that the plan and trust are not obligations of the state.
Current Status:
 In Committee - 2nd House
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