summary
Introduced
10/01/2020
10/01/2020
In Committee
10/01/2020
10/01/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to consolidate health accounts into Medisave Accounts, and for other purposes. This bill creates tax-exempt Medisave accounts to pay the qualified medical expenses of account beneficiaries. The bill defines qualified medical expenses as the medical expenses of the taxpayer and the taxpayer's spouse and dependents that are not covered by insurance. The bill excludes amounts paid from a Medisave account from the gross income of an account beneficiary for income tax purposes. The bill also allows a partially refundable tax credit, limited to $1,000 for all taxable years, for contributions to Medisave accounts made by certain low-income taxpayers before the end of the first year after the enactment of this bill. The bill provides grants for providing fair and impartial information to consumers about Medisave accounts and facilitating enrollment in such accounts.
AI Summary
This bill, the Family First Medisave Empowerment Act, creates tax-exempt Medisave accounts that individuals can use to pay for qualified medical expenses. The bill defines qualified medical expenses as expenses not covered by insurance for the taxpayer, their spouse, and their dependents. The bill allows a partially refundable tax credit of up to $1,000 for low-income taxpayers who contribute to Medisave accounts in the first year after the bill's enactment. The bill also provides grants to eligible entities to distribute information, raise awareness, and facilitate enrollment in Medisave accounts. Additionally, the bill allows for the consolidation of existing health accounts, like Flexible Spending Accounts and Health Savings Accounts, into Medisave accounts.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 10/01/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/8473/all-info |
| BillText | https://www.congress.gov/116/bills/hr8473/BILLS-116hr8473ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr8473/BILLS-116hr8473ih.pdf.pdf |
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