Middle Class Family Savings Act of 2014

Bill: 113-hr-5465
Sponsor: full_name: Rep. Bera, Ami [D-CA-7]
Introduced: 2014-09-15
Policy area: Taxation
Subjects: Health care costs and insurance

Income tax deductions
Latest action: action_date: 2014-09-15
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-09-15
action_desc: Introduced in House
text: <p>Middle Class Family Savings Act of 2014 - Amends the Internal Revenue Code, with respect to health savings accounts (HSAs), to: (1) increase the maximum deductible amount for such accounts, and (2) allow payments from such accounts for the medical expenses of children of the account holder who have not attained age 27. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5465 IN THE HOUSE OF REPRESENTATIVES September 15, 2014 Mr. Bera of California 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 expand health savings accounts.

1. Short title This Act may be cited as the Middle Class Family Savings Act of 2014 . 2. Health savings accounts (a) Increase in maximum deductible amounts Section 223(b)(2) of the Internal Revenue Code of 1986 is amended— (1) in subparagraph (A) by striking $2,250 and inserting the amount in effect under subsection (c)(2)(A)(ii)(I) for the taxable year , and (2) in subparagraph (B) by striking $4,500 and inserting the amount in effect under subsection (c)(2)(A)(ii)(II) for the taxable year . (b) Conforming amendments to COLA Section 223(g)(1) of the Internal Revenue Code of 1986 is amended— (1) by striking subsections (b)(2) and both places it appears and inserting subsection , and (2) in the first sentence by striking substituting for and all that follows and inserting substituting calendar year 2003 for calendar year 1992 in subparagraph (B) thereof. . (c) Medical expenses of young adult children The first sentence of section 223(d)(2)(A) of the Internal Revenue Code of 1986 is amended by inserting and any child (as defined in section 152(f)(1)) of such individual who as of the end of the taxable year has not attained age 27 . (d) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014.