Savings on Medical Expenses for Seniors Act of 2014

Bill: 113-hr-4104
Sponsor: full_name: Rep. Negrete McLeod, Gloria [D-CA-35]
Introduced: 2014-02-27
Policy area: Taxation
Subjects: Aging

Health care costs and insurance

Income tax deductions
Latest action: action_date: 2014-02-27
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-02-27
action_desc: Introduced in House
text: <p>Savings on Medical Expenses for Seniors Act of 2014 - Amends the Internal Revenue Code to make permanent the reduction in the threshold level (10% to 7.5% of adjusted gross income) for determining the amount of deductible medical expenses for individuals who have attained age 65.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4104 IN THE HOUSE OF REPRESENTATIVES February 27, 2014 Mrs. Negrete McLeod 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 make permanent the 7.5 percent threshold for the medical expense deduction for people 65 or older.

1. Short title This Act may be cited as the Savings on Medical Expenses for Seniors Act of 2014 . 2. 7.5 percent threshold for medical expense deduction for people 65 or older made permanent (a) In general Section 213(a) of the Internal Revenue Code of 1986 is amended by inserting before the period at the end the following: (7.5 percent of adjusted gross income in the case that such taxpayer or such taxpayer's spouse has attained age 65 before the close of such taxable year) . (b) Conforming amendments (1) Section 213 of the Internal Revenue Code of 1986 is amended by striking subsection (f). (2) Section 56(b)(1)(B) of the Internal Revenue Code of 1986 is amended by striking subsection (f) of such section and inserting the parenthetical relating to 7.5 percent . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.