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S. 110: Medical Expense Savings Act

The text of the bill below is as of Jan 10, 2019 (Introduced).


II

116th CONGRESS

1st Session

S. 110

IN THE SENATE OF THE UNITED STATES

January 10, 2019

(for herself and Ms. Cantwell) 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 provide for a permanent extension of the lower income threshold for the medical expense deduction.

1.

Short title

This Act may be cited as the Medical Expense Savings Act.

2.

Permanent extension of reduction in medical expense deduction floor

(a)

Reduction

(1)

In general

Section 213(a) of the Internal Revenue Code of 1986 is amended by striking 10 percent and inserting 7.5 percent.

(2)

Conforming amendment

Section 213 of such Code is amended by striking subsection (f).

(b)

Repeal of minimum tax preference

Section 56(b)(1) of the Internal Revenue Code of 1986 is amended by striking subparagraph (B).

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2018.

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