Section 1 Short title
This Act may be cited as the “Savings on Medical Expenses for Seniors Act of 2014”.
Savings on Medical Expenses for Seniors Act of 2014
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.
Sec. 2 7.5 percent threshold for medical expense deduction for people 65 or older made permanent
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)”.
Conforming amendments—
Section 213 of the Internal Revenue Code of 1986 is amended by striking subsection (f).
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”.
Effective date— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.