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Missouri Senate Backs Tax Break for Long-Term Care Savings

Doctor's office supplies
Raw Pixel / Unsplash

The Missouri Senate has passed legislation that would provide a tax incentive to save money for long-term care expenses. 

The bill approved Thursday would create a state income tax deduction for money invested in savings accounts to pay for the care of the chronically ill.

Individuals could claim deductions of up to $4,000 annually and married couples up to $8,000. The savings could be used for their own future care, or for someone else.

The concept is similar to state tax breaks granted for investing money in college savings accounts.

The legislation now goes to the House.