Hearing Aid Assistance Tax Credit Act

“25E. Credit for hearing aids

“(a) Allowance of credit—In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter an amount equal to the amount paid during the taxable year, not compensated by insurance or otherwise, by the taxpayer for the purchase of any qualified hearing aid.

“(b) Maximum amount—The amount allowed as a credit under subsection (a) shall not exceed $500 per qualified hearing aid.

“(c) Qualified hearing Aid—For purposes of this section, the term qualified hearing aid means a hearing aid—

“(1) which is described in sections 874.3300 and 874.3305 of title 21, Code of Federal Regulations, and is authorized under the Federal Food, Drug, and Cosmetic Act for commercial distribution, and

“(2) which is intended for use—

“(A) by the taxpayer, or

“(B) by an individual with respect to whom the taxpayer, for the taxable year, is allowed a deduction under section 151(c) (relating to deduction for personal exemptions for dependents).

“(d) Election once every 5 years—This section shall apply with respect to any individual for any taxable year only if there is an election in effect with respect to such individual (at such time and in such manner as the Secretary may by regulations prescribe) to have this section apply for such taxable year. An election to have this section apply with respect to any individual may not be made for any taxable year if such an election is in effect with respect to such individual for any of the 4 taxable years preceding such taxable year.

“(e) Denial of double benefit—No credit shall be allowed under subsection (a) for any expense for which a deduction or credit is allowed under any other provision of this chapter.”