Sec. 4. Establishment of Federal Long-Term Care Insurance Trust Fund
700 words·~3 min read·
/bill/117/hr/4289/ih/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is hereby created on the books of the Treasury of the United States a trust fund to be known as the Federal Long-Term Care Insurance Trust Fund . The Federal Long-Term Care Insurance Trust Fund shall consist of such gifts and bequests as may be made as provided in section 201(i)(1) of the Social Security Act ( 42 U.S.C. 401(i)(1) ) and such amounts as may be appropriated to, or deposited in, the Federal Long-Term Care Insurance Trust Fund as provided in this section. There is appropriated to the Federal Long-Term Care Insurance Trust Fund out of moneys in the Treasury not otherwise appropriated— for each of fiscal years 2022, 2023, and 2024, $12,000,000 for the initial establishment of the Long-Term Care Insurance program and payment of benefits during such fiscal years; $50,000,000 for public education relating to the Long-Term Care Insurance program as described in section 6(a); 100 percent of the taxes imposed by sections 3101(c) and 3111(c) of the Internal Revenue Code of 1986 with respect to wages (as defined in section 3121 of such Code) reported to the Secretary of the Treasury pursuant to subtitle F of such Code, as determined by the Secretary of the Treasury by applying the applicable rate of tax under such sections to such wages; 100 percent of the taxes imposed by section 1401(c) of such Code with respect to self-employment income (as defined in section 1402 of such Code) reported to the Secretary of the Treasury on tax returns under subtitle F of such Code, as determined by the Secretary of the Treasury by applying the applicable rate of tax under such section to such self-employment income; and the portion of the taxes imposed by sections 3201(a), 3211(a), and 3221(a) of such Code with respect to compensation (as defined in section 3231 of such Code) reported to the Secretary of the Treasury on tax returns under subtitle F of such Code, as determined by the Secretary of the Treasury by applying the applicable rate of tax under such sections to such compensation, that relate to the taxes imposed with respect to wages described in subparagraph (C).
Amounts appropriated under subparagraphs
(A)and
(B)of paragraph
(1)shall be repaid to the Treasury of the United States not later than 10 years after the first appropriation is made under each such subparagraph. The amounts appropriated by paragraph
(2)shall be transferred from time to time from the general fund in the Treasury to the Federal Long-Term Care Insurance Trust Fund, such amounts to be determined on the basis of estimates by the Secretary of the Treasury of the taxes, specified in such paragraph, paid to or deposited into the Treasury. Proper adjustments shall be made in amounts subsequently transferred to the extent prior estimates were inconsistent with the taxes specified in such paragraph. The provisions of subsections (c), (d), (e), (f), (i), and
(m)of section 201 of the Social Security Act ( 42 U.S.C. 401 ) shall apply with respect to the Federal Long-Term Care Insurance Trust Fund in the same manner as such provisions apply to the Federal Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund, except that the Managing Trustee (within the meaning of subsection
(d)of such section) may invest such portion of the Federal Long-Term Care Insurance Trust Fund as the Managing Trustee considers appropriate in conservative market securities. Benefit payments required to be made under section 3 shall be made only from the Federal Long-Term Care Insurance Trust Fund. There are authorized to be made available for expenditure, out of the Federal Long-Term Care Insurance Trust Fund, such sums as may be necessary to pay the costs of the administration of section 3, including start-up costs, technical assistance, outreach, education, evaluation, and reporting. Not later than 5 years after the date of enactment of this Act and every 5 years thereafter, the Board of Trustees (as defined for purposes of title II of the Social Security Act) shall submit a report to Congress evaluating the impact of long-term care insurance benefits under section 235 of such Act and making recommendations relating to potential geographical adjustments of the amount of such benefits.
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 4
Establishment of Federal Long-Term Care Insurance Trust Fund
Cites 1Cited by 0 across 0 sources