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Text of the Restoring Consumer-driven Health Care Act of 2011

This bill was introduced on February 8, 2011, in a previous session of Congress, but was not enacted. The text of the bill below is as of Feb 8, 2011 (Introduced).

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Source: GPO

I

112th CONGRESS

1st Session

H. R. 524

IN THE HOUSE OF REPRESENTATIVES

February 8, 2011

introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to repeal the provisions of the Patient Protection and Affordable Care Act that limit distributions from medical-related tax-preferred accounts for medicines only if the medicines are prescribed drugs or insulin and to repeal the increase in additional tax on distributions from health savings accounts and Archer MSAs not used for qualified medical expenses.

1.

Short title

This Act may be cited as the Restoring Consumer-driven Health Care Act of 2011.

2.

Repeal of Patient Protection and Affordable Care Act rule limiting distributions for medicine qualified only if for prescribed drug or insulin

(a)

HSAs

Subparagraph (A) of section 223(d)(2) of the Internal Revenue Code of 1986 is amended by striking the last sentence.

(b)

Archer MSAs

Subparagraph (A) of section 220(d)(2) of such Code is amended by striking the last sentence.

(c)

Health Flexible Spending Arrangements and Health Reimbursement Arrangements

Section 106 of such Code is amended by striking subsection (f).

(d)

Effective Dates

(1)

Distributions from savings accounts

The amendments made by subsections (a) and (b) shall apply to amounts paid with respect to taxable years beginning after December 31, 2010.

(2)

Reimbursements

The amendment made by subsection (c) shall apply to expenses incurred with respect to taxable years beginning after December 31, 2010.

3.

Repeal of increase in additional tax on distributions from HSAs and Archer MSAs not used for qualified medical expenses

(a)

HSAs

Section 223(f)(4)(A) of the Internal Revenue Code of 1986 is amended by striking 20 percent and inserting 10 percent.

(b)

Archer MSAs

Section 220(f)(4)(A) of such Code is amended by striking 20 percent and inserting 15 percent.

(c)

Effective date

The amendments made by this section shall apply to distributions made after December 31, 2010.