Seniors Tax Hike Prevention Act of 2016

Bill: 114-s-3111
Sponsor: full_name: Sen. Portman, Rob [R-OH]
Introduced: 2016-06-29
Policy area: Taxation
Subjects: Aging

Health care costs and insurance

Income tax deductions
Latest action: action_date: 2016-06-29
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2016-06-29
action_desc: Introduced in Senate
text: <p><b>Seniors Tax Hike Prevention Act of 2016 </b></p> <p>This bill amends the Internal Revenue Code (IRC) to extend, through 2018, the rule that permits individuals who are 65 and older to deduct certain medical expenses that exceed 7.5% of adjusted gross income. (Under current law, the rule that reduces the 10% threshold for the medical expense deduction to 7.5% if a taxpayer or a taxpayer's spouse is 65 or older expires at the end of 2016.) </p> <p>The bill also expresses the sense of the Senate that the reduction in revenues resulting from this bill should be offset by an appropriate amendment to the IRC. </p>

tv_txt: II 114th CONGRESS 2d Session S. 3111 IN THE SENATE OF THE UNITED STATES June 29, 2016 Mr. Portman (for himself and Mr. Brown ) 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 2016 . 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, 2019 , and (2) by striking 2013, 2014, 2015, and 2016 in the heading and inserting 2013 through 2018 . (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.