HELPS Retirees Improvement Act of 2022

Bill: 117-hr-7203
Sponsor: full_name: Rep. Chabot, Steve [R-OH-1]
Introduced: 2022-03-24
Policy area: Taxation
Latest action: action_date: 2022-03-24
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2022-03-24
action_desc: Introduced in House
text: <p><strong>Wally Bunker Healthcare Enhancement for Local Public Safety Retirees Improvement Act of 2022 or the HELPS Retirees Improvement Act of 2022</strong></p> <p>This bill increases from $3,000 to $6,000 the amount of the exclusion from gross income of distributions from a tax-exempt retirement plan for health and long-term care insurance for public safety officers. It also eliminates the requirement that insurance premiums must be paid directly to the provider of the accident or health plan or long-term care insurance contract as a condition of eligibility for the tax exclusion.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7203 IN THE HOUSE OF REPRESENTATIVES March 24, 2022 Mr. Chabot (for himself and Ms. Spanberger ) 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 repeal the direct payment requirement on the exclusion from gross income of distributions from governmental plans for health and long-term care insurance, and for other purposes.

1. Short title This Act may be cited as the Wally Bunker Healthcare Enhancement for Local Public Safety Retirees Improvement Act of 2022 or the HELPS Retirees Improvement Act of 2022 . 2. Increase in amount excluded from gross income by reason of distributions from governmental retirement plans for health and long-term care insurance for public safety officers (a) In general Paragraph (2) of section 402(l) of the Internal Revenue Code of 1986 is amended by striking $3,000 and inserting $6,000 . (b) Effective date The amendment made by paragraph (1) shall apply to distributions in taxable years beginning after December 31, 2021. 3. Repeal of direct payment requirement on exclusion from gross income of distributions from governmental plans for health and long-term care insurance (a) In general Section 402(l)(5) of the Internal Revenue Code of 1986 is amended to read as follows: (5) Aggregation rule For purposes of this subsection, all eligible retirement plans of an employer shall be treated as a single plan. . (b) Effective date The amendment made by this section shall apply to distributions made after the date of the enactment of this Act.