A bill that would raise the tax credit for those purchasing long-term care insurance from 15% to 30% was dismissed in about 90 seconds by the Virginia Senate Finance Committee.

T.Scott Garrett

On March 2, the panel quickly dispatched HB 1050, proposed by Del. T. Scott Garrett (R-23rd District), according to the Lynchburg News Advance.

The bill would have doubled the tax credit of the amount of premium paid for long-term care insurance, for taxable years beginning Jan. 1, 2012, according to a text of the bill.

Sen. Charles Colgan (D-29th District) said the bill was similar to one sponsored by the Senate that was killed by the same committee earlier this year, according to the News Advance.

The measure, passed by the Virginia House on Feb. 19, was defeated in the Senate by a voice vote.