S.Amdt. 5207

1. Adds Subtitle E--Health Savings Accounts SEC. 14001. INCREASE IN CONTRIBUTION LIMITATIONS at the end of title I

   Adds a section

   In H.R. 5376 · Placed on Calendar Senate

   (c) Administrative Costs.--In addition to amounts otherwise available, there is appropriated to the Secretary for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $100,000,000, to remain available until September 30, 2028, for administrative costs of the agencies and offices of the Department of Agriculture for costs related to implementing this section.

   Inserted: Subtitle E--Health Savings Accounts SEC. 14001. INCREASE IN CONTRIBUTION LIMITATIONS.

   Inserted: (a) In General.--Subsection (b) of section 223 of the Internal Revenue Code of 1986 is amended--

   Inserted: (1) by striking paragraph (1) and inserting the following:

   Inserted: "(1) In general.--The amount allowable as a deduction under subsection (a) to an individual for the taxable year shall not exceed--

   Inserted: "(A) in the case of an eligible individual who has self-only coverage under a high deductible health plan as of the first day of the taxable year, an amount equal to the applicable dollar amount under paragraph (1)(B) of section 402(g) (as adjusted pursuant to paragraph (4) of such section) with respect to such taxable year, or

   Inserted: "(B) in the case of an eligible individual who has family coverage under a high deductible health plan as of the first day of the taxable year, an amount equal to 200 percent of the amount determined under subparagraph (A).",

   Inserted: (2) by striking paragraphs (2), (3), (7), and (8),

   Inserted: (3) by inserting after paragraph (1) the following:

   Inserted: "(2) Additional contributions for individuals 50 or older.--In the case of an individual who has attained age 50 before the close of the taxable year, the amount of the limitation under subparagraphs (A) and (B) of paragraph (1) shall be increased by an amount equal to the applicable dollar amount under subparagraph (B)(i) of section 414(v)(2) (as adjusted pursuant to subparagraph (C) of such section).",

   Inserted: (4) in paragraph (4), by striking the flush matter following subparagraph (C),

   Inserted: (5) in paragraph (5), by striking subparagraph (B) and inserting the following:

   Inserted: "(B) the limitation under paragraph (1) (after the application of subparagraph (A) and without regard to any additional contribution amount under paragraph (2)) shall be divided equally between them unless they agree on a different division.", and

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   Inserted: (6) by redesignating paragraphs (4), (5), and (6) as paragraphs (3), (4), and (5), respectively.

   Inserted: (b) Conforming Amendments.--

   Inserted: (1) Subparagraph (A) of section 223(d)(1) of the Internal Revenue Code of 1986 is amended by striking "the sum of--" and all that follows through the period and inserting "the amount determined under subsection (b)(1).".

   Inserted: (2) Subsection (g) of section 223 of such Code is amended--

   Inserted: (A) by striking "subsections (b)(2) and (c)(2)(A)" both places it appears and inserting "subsection (c)(2)(A)", and

   Inserted: (B) by amending subparagraph (B) to read as follows:

   Inserted: "(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins determined by substituting 'calendar year 2003' for 'calendar year 2016' in subparagraph (A)(ii) thereof.".

   Inserted: (3) Section 26(b)(2)(S) of such Code is amended by striking ", 223(b)(8)(B)(i)(II),".

   Inserted: (4) Section 408(d)(9)(C)(i)(I) of such Code is amended by striking "computed on the basis of the type of coverage under the high deductible health plan covering the individual".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

   Inserted: (d) Temporary Application.--On January 1, 2033, the amendments made by subsections (a) and (b) shall be repealed and the provisions of law amended by such subsections shall be restored as if such subsections had never been enacted.

   Inserted: SEC. 14002. REPEALS.

   Inserted: (a) Internal Revenue Code of 1986.--The amendments made by the following provisions of this Act are repealed, and the Internal Revenue Code of 1986 shall be applied as if such amendments had not been enacted:

   Inserted: (1) Section 13101.

   Inserted: (2) Section 13102.

   Inserted: (3) Section 13103.

   Inserted: (4) Section 13104.

   Inserted: (5) Section 13201.

   Inserted: (6) Section 13701.

   Inserted: (7) Section 13702.

   Inserted: (8) Section 13703.

   Inserted: (9) Section 13704.

   Inserted: (b) Effective Date.--The repeals made by this section shall take effect as if included in the enactment of the section to which they relate.

   Original wording

   At the end of title I, insert the following:

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As printed