II
115th CONGRESS
2d Session
S. 3621
IN THE SENATE OF THE UNITED STATES
November 14, 2018
Ms. Collins (for herself and Ms. Cantwell) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to provide for a permanent extension of the lower threshold for the medical expense deduction.
Permanent extension of reduction in medical expense deduction floor
Reduction
In general
Section 213(a) of the Internal Revenue Code of 1986 is amended by striking 10 percent
and inserting 7.5 percent
.
Conforming amendment
Section 213 of such Code is amended by striking subsection (f).
Repeal of minimum tax preference
Section 56(b)(1) of the Internal Revenue Code of 1986 is amended by striking subparagraph (B).
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2018.