H.R.8473 - Family First Medisave Empowerment Act116th Congress (2019-2020)
|Sponsor:||Rep. Gonzalez, Anthony [R-OH-16] (Introduced 10/01/2020)|
|Committees:||House - Ways and Means; Energy and Commerce|
|Latest Action:||House - 10/01/2020 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. (All Actions)|
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Summary: H.R.8473 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (10/01/2020)
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.