1. Short title
This Act may be cited as the “Middle Class Family Savings Act of 2014”.
Middle Class Family Savings Act of 2014
A BILL
To amend the Internal Revenue Code of 1986 to expand health savings accounts.
2. Health savings accounts
Increase in maximum deductible amounts— Section 223(b)(2) of the Internal Revenue Code of 1986 is amended—
in subparagraph (A) by striking “$2,250” and inserting “the amount in effect under subsection (c)(2)(A)(ii)(I) for the taxable year”, and
in subparagraph (B) by striking “$4,500” and inserting “the amount in effect under subsection (c)(2)(A)(ii)(II) for the taxable year”.
by striking “subsections (b)(2) and” both places it appears and inserting “subsection”, and
in the first sentence by striking “substituting for” and all that follows and inserting “substituting “calendar year 2003” for “calendar year 1992” in subparagraph (B) thereof.”.
Medical expenses of young adult children— The first sentence of section 223(d)(2)(A) of the Internal Revenue Code of 1986 is amended by inserting “and any child (as defined in section 152(f)(1)) of such individual who as of the end of the taxable year has not attained age 27”.
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2014.