Bill Sponsor
House Bill 8473
116th Congress(2019-2020)
Family First Medisave Empowerment Act
Introduced
Introduced
Introduced in House on Oct 1, 2020
Overview
Text
Introduced
Oct 1, 2020
Latest Action
Oct 1, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
8473
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

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.

Text (1)
October 1, 2020
Actions (2)
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.
10/01/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:44:36 PM