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SS/SB 580 - This act establishes the "Long-Term Dignity Act". Beginning January 1, 2021, an individual may open a long-term dignity savings account and designate the account to be used to pay a designated qualified beneficiary's eligible long-term care expenses. This act creates an income tax deduction for contributions to a long-term dignity savings account in the amount of 100% of the contribution, not to exceed the taxpayer's Missouri adjusted gross income for the tax year the deduction is claimed and not to exceed $4,000 for an individual or $8,000 for married individuals filing jointly. Moneys withdrawn from the account shall be subject to recapture and the account holder subject to a penalty if it has been less than one year since the first deposit in the account or the moneys have been used for any purpose not specified in the act. The income tax deduction created by this act shall sunset December 31, 2024, unless reauthorized by the General Assembly. SARAH HASKINS
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