H.R. 8473 · 116th Congress
Family First Medisave Empowerment Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GonzalezSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Oct 1, 2020
Family First Medisave Empowerment Act
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Family First Medisave Empowerment Act
Latest action (Oct 1, 2020): 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.
Policy area: Taxation · Origin: House · Introduced: Oct 1, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.