What is the official ID of this bill?
The official print number for this legislation is HR 9394.
New HOPE Accounts for Tax-Free Health Savings and Medical Expenses
This act establishes a new tax-advantaged savings vehicle called the HOPE Account, designed exclusively for covering qualified medical expenses. Funds grow tax-free, and withdrawals used for healthcare are also tax-free. While individual contributions are not deductible, employer contributions can be excluded from income for low and middle-income earners, providing a new tool for citizens to manage rising healthcare costs.
Key points
Creates the tax-exempt HOPE Account for medical savings, with annual contribution limits up to $4,000 (self-only) or $8,000 (family coverage).
Distributions for qualified medical expenses are tax-free; using funds for non-medical purposes incurs a 30% penalty tax.
Employer contributions to HOPE Accounts are excluded from an employee's gross income, but this benefit is limited to taxpayers earning below $100,000 ($200,000 for joint filers).
Status:
Expired
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