To amend the Internal Revenue Code of 1986 to include expenses relating to membership in health care sharing ministries to qualify for the deduction for medical expenses, and for other purposes.
Summary
House Bill 3426 seeks to amend the Internal Revenue Code of 1986 to allow expenses associated with membership in health care sharing ministries to qualify for deduction as medical expenses. This bill introduces an additional subparagraph to section 213(d) of the Internal Revenue Code, specifying criteria for these ministries, including the need for accreditation by an independent organization and the posting of audits on their websites. This change aims to facilitate individuals' use of health care sharing ministries by providing tax deductions, thereby encouraging more people to opt for this form of health care coverage.
The impact of HB3426 on state laws relates primarily to tax code adjustments and implications for health care financing. By recognizing health care sharing ministry expenses as deductible medical expenses, the bill potentially increases the financial accessibility of these ministries to users, which may be particularly appealing for individuals who cannot afford traditional health insurance. This amendment aligns with broader efforts to reform health care financing by promoting alternative means of managing health care costs,
leading to more options for consumers.
Notable points of contention surrounding HB3426 may arise from perspectives on the legitimacy and regulatory oversight of health care sharing ministries. Critics of the bill may express concerns regarding the lack of comprehensive regulation and potential risks associated with these alternative health care options. There may be fears that acknowledging these ministries within the tax code could mislead consumers regarding the security and reliability of their health care services, given that these organizations do not operate like traditional insurance.
Additionally, the enforcement of accreditation standards and audit publication stipulations could bring about debates over the extent of regulatory oversight deemed necessary to protect consumers, as well as the implications for tax deductions associated with other forms of medical expenses. These discussions may reflect broader conversations regarding health care policy, consumer protection, and the government's role in regulating alternative health care entities.
To amend the Internal Revenue Code of 1986 to permit qualified business trade expenses to be treated as qualified higher education expenses for purposes of 529 accounts.
A bill to amend the Internal Revenue Code of 1986 to include certain over-the-counter dietary supplement products and foods for special dietary uses as qualified medical expenses.
To amend the Internal Revenue Code of 1986 to provide a tax credit for expenses for household and elder care services necessary for gainful employment.
To amend the Internal Revenue Code of 1986 to allow a deduction for investment advisory expenses of certain funeral and cemetery trusts during suspension of miscellaneous itemized deductions, and for other purposes.