Missouri Senate backs tax break for long-term care savings

The Missouri Senate last week approved legislation that would provide a tax break for long-term care savings.

Through the legislation, individuals could deduct up to $4,000 annually and married couples could deduct up to $8,000 per year from their state income taxes.

The money would be placed in tax-free accounts to be used for long-term care expenses of the chronically ill.

Read more from The Associated Press.