Health Opportunity Patient Empowerment Act of 2006
Latest action · Sep 29, 2006 Placed on the Union Calendar, Calendar No. 423.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 21, 2006
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Health Opportunity Patient Empowerment Act of 2006 - Amends Internal Revenue Code provisions relating to high deductible health plans and health savings accounts (HSAs).
(Sec. 2) Allows a one-time distribution of amounts in a health flexible spending arrangement or a health reimbursement arrangement to an HSA if such distribution takes place before January 1, 2012. Requires distribution amounts to be included in the gross income of any individual (except a deceased or disabled individual) who fails to maintain coverage in a high deductible health plan and imposes an additional 10% penalty tax on such amounts.
Allows certain coverage under a flexible spending arrangement for taxable years after December 31, 2006, to be disregarded for purposes of determining eligibility for high deductible health plan coverage.
(Sec. 3) Repeals the deductible limitations on tax deductions for contributions to HSAs.
(Sec. 4) Requires inflation adjustments to HSA contribution and deductible amounts to be determined at the end of the 12-month period ending on March 31 (currently, August 31). Requires the Secretary of the Treasury to publish inflation adjustments for HSA contribution and deductible amounts by June 1 of each year.
(Sec. 5) Allows individuals who establish an HSA after the beginning of a taxable year to make contributions up to the full annual limit.
(Sec. 6) Permits employers to make higher contributions to the HSAs of employees who are not highly compensated.
(Sec. 7) Allows a one-time tax-free distribution of individual retirement account (IRA) funds to an HSA. Requires distribution amounts to be included in the gross income of any individual (except a deceased or disabled individual) who fails to maintain coverage in a high deductible health plan and imposes an additional 10% penalty tax on such amounts.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Sep 21, 2006 to Sep 29, 2006, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WI | Paul D. Ryan | Original | Sep 21, 2006 |
| R-TX | Ron Paul | Sep 29, 2006 |
Actions 4
Everything that happened, newest first.
- Sep 29, 2006Placed on the Union Calendar, Calendar No. 423.
- Sep 29, 2006Reported (Amended) by the Committee on Ways and Means. H. Rept. 109-704.
- Sep 21, 2006Introduced in House
- Sep 21, 2006Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Coinsurance
- Cost of living adjustments
- Economics and Public Finance
- Employee health benefits
- Excise tax
- Finance and Financial Sector
- Flexible benefit plans
- Government Operations and Politics
- Government publicity
- Health
- Health insurance
- Income tax
- Indexing (Economic policy)
- Individual retirement accounts
- Labor and Employment
- Medical economics
- Medical savings accounts
- Tax deductions
- Tax exclusion
- Tax penalties
- Taxation
Text 2
Each version as it was printed, newest first.
- Sep 29, 2006Reported in House
- Sep 21, 2006Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.