Long-term care savings program ended

Nebraska’s Long-Term Care Savings Plan will be eliminated under a bill given final approval April 13.

LB756, introduced by the Legislative Performance Audit Committee, terminates the plan on Jan. 1, 2018. Any participant is entitled to receive the full balance of his or her account on that date.

Under the bill, investment earnings from the plan will be deducted from an individual’s adjusted gross income (AGI) for tax years beginning Jan. 1, 2018, and AGI will increase for unapproved withdrawals for tax years before Jan. 1, 2018.

The bill passed on a 49-0 vote.