Improving health is our policy
For taxable years beginning after December 31, 2012, raises the threshold for itemized deduction of unreimbursed medical expenses to 10 percent from 7.5 percent of adjusted gross income. Temporarily excludes taxpayers over age 65, who remain subject to the 7.5 percent limit through 2016.
SEC. 9013. MODIFICATION OF ITEMIZED DEDUCTION FOR MEDICAL
EXPENSES.
(a) IN GENERAL.—Subsection (a) of section 213 of the Internal
Revenue Code of 1986 is amended by striking ‘‘7.5 percent’’ and inserting
‘‘10 percent’’.
(b) TEMPORARY WAIVER OF INCREASE FOR CERTAIN SENIORS.—
Section 213 of the Internal Revenue Code of 1986 is amended by
adding at the end the following new subsection:
‘‘(f) SPECIAL RULE FOR 2013, 2014, 2015, AND 2016.—In the
case of any taxable year beginning after December 31, 2012, and
ending before January 1, 2017, subsection (a) shall be applied with
respect to a taxpayer by substituting ‘7.5 percent’ for ‘10 percent’
if such taxpayer or such taxpayer’s spouse has attained age 65 before
the close of such taxable year.’’.
(c) CONFORMING AMENDMENT.—Section 56(b)(1)(B) of the Internal
Revenue Code of 1986 is amended by striking ‘‘by substituting
‘10 percent’ for ‘7.5 percent’ ’’ and inserting ‘‘without regard to subsection
(f) of such section’’.
(d) EFFECTIVE DATE.—The amendments made by this section
shall apply to taxable years beginning after December 31, 2012.
(202) 309-0796
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