Long-Term Care Support and Incentive Act of 2004

Long-Term Care Support and Incentive Act of 2004 - Amends the Internal Revenue Code to: (1) allow a tax deduction from gross income for 50 percent of the long-term care premiums paid under a qualified long-term care insurance contract for individuals under age 65 (increases the deduction percentage to 75 percent for premiums paid for individuals age 65 or older); (2) permit qualified long-term care insurance contracts to be offered in a cafeteria plan and flexible spending arrangements under certain conditions; (3) allow a nonrefundable tax credit of $4,000, subject to a phase-out for incomes exceeding $150,000 (joint returns) or $75,000 (individuals), for each individual age 65 or older who has been certified as having long-term care needs for at least 180 consecutive days in a taxable year and for whom the taxpayer is acting as a caregiver; and (4) mandate certain consumer protections for long-term care insurance contracts.