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Tax Relief for Parental Care: Lowering Costs for Caregivers

This act aims to reduce the costs of caring for parents by allowing medical expenses for their care to be included as qualified expenses under Health Savings Accounts (HSAs), Flexible Spending Arrangements (FSAs), and Archer MSAs. This provides tax relief for citizens caring for their parents, directly impacting their personal finances and easing the burden of caregiving.
Key points
Medical expenses for parents can now be included as qualified expenses under Health Savings Accounts (HSAs).
Funds from Flexible Spending Arrangements (FSAs) and Archer MSAs can be used for parents' medical care without additional taxation.
These changes apply to expenses incurred after December 31, 2023, offering real savings for caregivers starting in 2024.
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Additional Information
Print number: 118_HR_7222
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Process start date: 2024-02-05
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Lowering Costs for Caregivers Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7222.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-02-05.

What are the main provisions?

Key points include:

  • Medical expenses for parents can now be included as qualified expenses under Health Savings Accounts (HSAs).
  • Funds from Flexible Spending Arrangements (FSAs) and Archer MSAs can be used for parents' medical care without additional taxation.
  • These changes apply to expenses incurred after December 31, 2023, offering real savings for caregivers starting in 2024.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Buchanan, Vern [R-FL-16].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Health.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Family Health