1. Short title
This Act may be cited as the “Medical Expense Savings Act”.
Medical Expense Savings Act
A BILL
To amend the Internal Revenue Code of 1986 to provide for a permanent extension of the lower income threshold for the medical expense deduction.
2. Permanent extension of reduction in medical expense deduction floor
Reduction—
In general— Section 213(a) of the Internal Revenue Code of 1986 is amended by striking “10 percent” and inserting “7.5 percent”.
Conforming amendment— Section 213 of such Code is amended by striking subsection (f).
Repeal of minimum tax preference— Section 56(b)(1) of the Internal Revenue Code of 1986 is amended by striking subparagraph (B).
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2018.