Bill 119 HR 138, also known as the "Parental Medical Expense Act," aims to amend the Internal Revenue Code of 1986 to include expenses for parents as eligible medical expenses. This bill would allow individuals to deduct expenses related to the care and support of their parents as part of their medical expenses when filing their taxes.
The bill recognizes the financial burden that many individuals face when caring for aging parents or family members with medical needs. By allowing these expenses to be considered as medical expenses, individuals would be able to receive tax deductions for the costs associated with providing care and support for their parents.
In addition to allowing expenses for parents to be taken into account as medical expenses, the bill also includes provisions for other purposes related to the Internal Revenue Code. This could potentially include additional tax benefits or changes to existing tax laws that would benefit individuals and families caring for aging parents.
Overall, Bill 119 HR 138 seeks to provide financial relief for individuals who are caring for their parents or family members with medical needs by allowing them to deduct expenses related to their care as medical expenses. This bill aims to support families in providing the necessary care and support for their loved ones while also receiving tax benefits for their efforts.