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Wally Bunker Healthcare Enhancement for Local Public Safety Retirees Improvement Act of 2022

H.R. 7203 · 117th Congress · Mar 24, 2022 · Lineage

A BILL

To amend the Internal Revenue Code of 1986 to repeal the direct payment requirement on the exclusion from gross income of distributions from governmental plans for health and long-term care insurance, and for other purposes.

Section 1 Short title

This Act may be cited as the “Wally Bunker Healthcare Enhancement for Local Public Safety Retirees Improvement Act of 2022” or the “HELPS Retirees Improvement Act of 2022”.

Sec. 2 Increase in amount excluded from gross income by reason of distributions from governmental retirement plans for health and long-term care insurance for public safety officers

(a)
In general— Paragraph (2) of section 402(l) of the Internal Revenue Code of 1986 is amended by striking “$3,000” and inserting “$6,000”.
(b)
Effective date— The amendment made by paragraph (1) shall apply to distributions in taxable years beginning after December 31, 2021.

Sec. 3 Repeal of direct payment requirement on exclusion from gross income of distributions from governmental plans for health and long-term care insurance

(a)
In general— Section 402(l)(5) of the Internal Revenue Code of 1986 is amended to read as follows:

“(5) Aggregation rule—For purposes of this subsection, all eligible retirement plans of an employer shall be treated as a single plan.”

(b)
Effective date— The amendment made by this section shall apply to distributions made after the date of the enactment of this Act.