II
118th CONGRESS
2d Session
S. 4771
IN THE SENATE OF THE UNITED STATES
July 25, 2024
Mr. Scott of Florida 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 expand eligibility for health savings accounts, and for other purposes.
Short title
This Act may be cited as the Increasing Value for Families with HSAs Act of 2024
or the IVF with HSAs Act of 2024
.
Health savings account eligibility
In general
Paragraph (1) of section 223(c) of the Internal Revenue Code of 1986 is amended to read as follows:
Eligible individual
The term eligible individual means, with respect to any month, any individual if such individual is covered under any health insurance coverage as of the 1st day of such month.
.
Conforming amendments
Subsection (c) of section 223 of the Internal Revenue Code of 1986 is amended by striking paragraphs (2) and (3) and by redesignating paragraphs (4) and (5) as paragraphs (2) and (3), respectively.
Paragraphs (2)(A) and (2)(B) of section 223(b) of such Code are each amended by striking a high deductible health plan
and inserting any health insurance coverage
.
Paragraph (8)(A)(ii) of section 223(b) of such Code is amended by striking high deductible health plan
and inserting health insurance coverage
.
Section 223(g)(1) of such Code is amended—
by striking subsections (b)(2) and (c)(2)(A)
both places it appears and inserting subsection (b)(2)
,
by striking for
in subparagraph (B) and all that follows through calendar year 2016
and inserting calendar year 2003
.
.calendar year 1997
for calendar year 2016
in subparagraph (A)(ii) thereof.
The heading of subparagraph (B) of section 223(b)(8) of such Code is amended by striking high deductible health plan
.
Section 26(b)(2)(S) of such Code is amended by striking high deductible health plan
.
The heading of paragraph (3) of section 106(e) of such Code is amended by striking high deductible health plan
.
Clause (ii) of section 106(e)(5)(B) of such Code is amended by striking a high deductible health plan
and inserting any health insurance coverage
.
Paragraph (9) of section 408(d) of such Code is amended—
by striking high deductible health plan
in subparagraph (C)(i)(I) and inserting health insurance
,
by striking coverage under a high deductible health plan
both places it appears in subparagraph (C)(ii)(II) and inserting health insurance coverage
, and
by striking high deductible health plan
in the heading of subparagraph (D).
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2024.
Increase in HSA contribution limitations
In general
Paragraph (2) of section 223(b) of the Internal Revenue Code of 1986, as amended by this Act, is further amended—
by striking $2,250
in subparagraph (A) and inserting $8,600
, and
by striking $4,500
in subparagraph (B) and inserting $17,100
.
Cost-of-Living adjustment
Paragraph (1) of section 223(g) of the Internal Revenue Code of 1986, as amended by this Act, is further amended—
by striking Each
and inserting In the case of a taxable year beginning after 2025, each
, and
by striking calendar year 1997
and inserting calendar year 2024
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2024.