Senior Health Planning Account Act

House Bill 5958 - Senior Health Planning Account Act: Overview, Status, and Impact

Hozzl · 2022-02-09T02:27:57Z

Explore the details of House Bill 5958 Senior Health Planning Account Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

2/9/2022, 2:27 AM

Congressional Summary of HR 5958

Senior Health Planning Account Act

This bill allows tax-exempt senior health planning accounts that are funded using a taxpayer's gains from the sale or assignment of a life insurance contract. The bill excludes from gross income (1) the gains that are contributed to the accounts, and (2) distributions from the accounts that are used exclusively for the health care expenses of the account beneficiary or the account beneficiary's spouse.

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Current Status of Bill HR 5958

Bill HR 5958 is currently in the status of Bill Introduced since February 25, 2020. Bill HR 5958 was introduced during Congress 116 and was introduced to the House on February 25, 2020. Bill HR 5958's most recent activity was Referred to the House Committee on Ways and Means. as of February 25, 2020

Bipartisan Support of Bill HR 5958

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5958

Primary Policy Focus

Taxation

Potential Impact Areas

- Aging

- Health care costs and insurance

- Income tax exclusion

- Life, casualty, property insurance

- Marriage and family status

Alternate Title(s) of Bill HR 5958

Senior Health Planning Account Act

To amend the Internal Revenue Code of 1986 to create senior health planning accounts funded by the proceeds of the sale or assignment of life insurance contracts.

Senior Health Planning Account Act