Family First Medisave Empowerment Act
Latest action · Oct 1, 2020 Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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.
- IntroducedOct 1, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Family First Medisave Empowerment Act
This bill creates tax-exempt Medisave accounts to pay the qualified medical expenses of account beneficiaries. The bill defines qualified medical expenses as the medical expenses of the taxpayer and the taxpayer's spouse and dependents that are not covered by insurance. The bill excludes amounts paid from a Medisave account from the gross income of an account beneficiary for income tax purposes.
The bill also allows a partially refundable tax credit, limited to $1,000 for all taxable years, for contributions to Medisave accounts made by certain low-income taxpayers before the end of the first year after the enactment of this bill.
The bill provides grants for providing fair and impartial information to consumers about Medisave accounts and facilitating enrollment in such accounts.
Cosponsors 1
Members who signed on, in the order they did. All signed on Oct 1, 2020.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-AR | Bruce Westerman | Original | Oct 1, 2020 |
Actions 2
Everything that happened, newest first.
- Oct 1, 2020Introduced in House
- Oct 1, 2020Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 4796 | Fair Care Act of 2020 | Related bill | Oct 5, 2020 |
| HR 8527 | Fair Care Act of 2020 | Related bill | Oct 2, 2020 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Aging
- Bank accounts, deposits, capital
- Congressional oversight
- Disability and paralysis
- Government lending and loan guarantees
- Government studies and investigations
- Government trust funds
- Health care costs and insurance
- Income tax deductions
- Income tax exclusion
- Intergovernmental relations
- Life, casualty, property insurance
- Long-term, rehabilitative, and terminal care
- Marriage and family status
- Separation, divorce, custody, support
- State and local government operations
- Taxation
- Veterans' medical care
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- Oct 1, 2020Introduced 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.