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S. 1977 (115th): Seniors Tax Hike Prevention Act of 2017

The text of the bill below is as of Oct 18, 2017 (Introduced).


II

115th CONGRESS

1st Session

S. 1977

IN THE SENATE OF THE UNITED STATES

October 18, 2017

(for himself, Mr. Portman, Mr. Nelson, and Mrs. Capito) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to extend the 7.5 percent threshold for the medical expense deduction for individuals age 65 or older.

1.

Short title

This Act may be cited as the Seniors Tax Hike Prevention Act of 2017.

2.

Extension of 7.5 percent threshold for medical expense deduction for individuals age 65 or older

(a)

In general

Subsection (f) of section 213 of the Internal Revenue Code of 1986 is amended—

(1)

by striking January 1, 2017 and inserting January 1, 2020; and

(2)

by striking 2013, 2014, 2015, and 2016 in the heading and inserting 2013 through 2019.

(b)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2016.

3.

Sense of the Senate relating to offsetting revenue loss

It is the sense of the Senate that the reduction in revenues to the Treasury resulting from the amendments made by section 2 should be offset by means of an appropriate amendment to the Internal Revenue Code of 1986.

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