Bill Text: PA HB1972 | 2009-2010 | Regular Session | Introduced

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Bill Title: Providing for a personal income tax credit for long-term care premiums paid by individuals; and imposing duties on the Secretary of the Commonwealth and the Legislative Reference Bureau.

Spectrum: Slight Partisan Bill (Democrat 31-15)

Status: (Introduced - Dead) 2009-09-14 - Referred to FINANCE [HB1972 Detail]

Download: Pennsylvania-2009-HB1972-Introduced.html

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PRINTER'S NO. 2653
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1972 Session of2009
INTRODUCED BY DePASQUALE, R. TAYLOR, BELFANTI, BRENNAN, BRIGGS, READSHAW, FREEMAN, GOODMAN, GROVE, HARHAI, HENNESSEY, HORNAMAN, HOUGHTON, W. KELLER, MARKOSEK, McCALL, McGEEHAN, McILVAINE SMITH, MELIO, M. O'BRIEN, SIPTROTH, WATSON, WHITE, CALTAGIRONE, SHAPIRO, LONGIETTI, GIBBONS, SANTARSIERO, BRADFORD, CREIGHTON, SCAVELLO, SWANGER, GINGRICH, MURT, KOTIK, HUTCHINSON AND BOYD, SEPTEMBER 14, 2009
REFERRED TO COMMITTEE ON FINANCE, SEPTEMBER 14, 2009
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," providing for a personal income tax credit for
long-term care premiums paid by individuals; and imposing
duties on the Secretary of the Commonwealth and the
Legislative Reference Bureau.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 301 of the act of March 4, 1971 (P.L.6,
No.2), known as the Tax Reform Code of 1971, is amended by
adding a clause to read:
Section 301. Definitions.--Any reference in this article to
the Internal Revenue Code of 1986 shall mean the Internal
Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 1 et seq.),
as amended to January 1, 1997, unless the reference contains the
phrase "as amended" and refers to no other date, in which case
the reference shall be to the Internal Revenue Code of 1986 as
it exists as of the time of application of this article. The
following words, terms and phrases when used in this article
shall have the meaning ascribed to them in this section except
where the context clearly indicates a different meaning:
* * *
(l.3) "Long-term care policy" means a policy for long-term
care insurance as those terms are defined in section 1103 of the
act of May 17, 1921 (P.L.682, No.284), known as "The Insurance
Company Law of 1921."
* * *
Section 2. The act is amended by adding a section to read:
Section 314.1. Long-Term Care Policy Premiums.--(a) A
resident taxpayer shall be allowed a credit against the tax
imposed by this article in an amount equal to the lesser of
fifty per cent of any premiums paid during the taxable year by
the taxpayer for a long-term care policy for the taxpayer, the
taxpayer's spouse, or both, or one thousand dollars ($1,000).
(b) The credit provided under this section shall not exceed
the amount of the tax otherwise due under this article.
Section 3. The addition of sections 301(l.3) and 314.1 of
the act shall apply to taxable years beginning after December
31, 2008.
Section 4. If a constitutional amendment authorizing a
personal income tax credit for long-term care premiums is
ratified, the Secretary of the Commonwealth shall, immediately
after tabulating and computing the returns of the ratification
election, certify the result to the Legislative Reference Bureau
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for publication as a notice in the Pennsylvania Bulletin.
Section 5. This act shall take effect as follows:
(1) The addition of section 314.1 of the act shall take
effect upon publication of the notice under section 4.
(2) The remainder of this act shall take effect
immediately.
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