H.R. 703 (102nd): To amend the Internal Revenue Code of 1986 to exclude from gross income amounts otherwise includible on the surrender or cancellation of any life insurance policy which are used to pay long-term care insurance premiums.

Introduced:
Jan 29, 1991 (102nd Congress, 1991–1992)
Sponsor:
Rep. Daniel Slaughter Jr. [R-VA7]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on January 29, 1991, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 29, 1991
Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Primary Source

View on THOMAS (The Library of Congress)

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/29/1991--Introduced.
Amends the Internal Revenue Code to exclude from the gross income of an individual otherwise taxable amounts derived from the whole or partial surrender, cancellation, or exchange of any life insurance policy if: (1) the individual is age 65 or older on the date of the transaction; and (2) the amounts in question are used to pay premiums for an insurance policy covering at least 12 months of medically necessary nonemergency care for the individual or a spouse meeting the same 65-year age requirement.

House Republican Conference Summary

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