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Child Health Savings Account Act of 2022

12/30/2022, 3:49 AM

Summary of Bill HR 6507

Bill 117 HR 6507, also known as the Child Health Savings Account Act of 2022, is a piece of legislation introduced in the US Congress. The purpose of this bill is to establish a program that allows families to set up health savings accounts specifically for their children's medical expenses.

Under this bill, parents or legal guardians would be able to contribute funds to a tax-advantaged savings account that could be used to pay for their child's healthcare costs. These accounts would be separate from any existing health insurance coverage and could be used to cover a wide range of medical expenses, including doctor's visits, prescription medications, and preventive care.

The funds in these accounts would be allowed to roll over from year to year, providing families with a way to save for their child's future healthcare needs. Additionally, any unused funds in the account could be used for other family members' medical expenses or saved for the child's future healthcare needs. Overall, the Child Health Savings Account Act of 2022 aims to provide families with a new tool to help them manage and save for their children's healthcare costs. This bill is currently being considered by Congress and has the potential to have a significant impact on how families plan for and pay for their children's medical expenses.

Congressional Summary of HR 6507

Child Health Savings Account Act of 2022

This bill allows for the establishment of child health savings accounts for the benefit of the minor children of a taxpayer. These accounts provide for a tax deduction for amounts paid in cash, up to $3,000 in a taxable year, by an individual taxpayer to such accounts.

The bill sets forth rules for the taxation of distributions from such accounts for children under and over the age of 18 years and allows for exceptions to such rules in the case of the disability or death of a child.

Read the Full Bill

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Current Status of Bill HR 6507

Bill HR 6507 is currently in the status of Bill Introduced since January 25, 2022. Bill HR 6507 was introduced during Congress 117 and was introduced to the House on January 25, 2022.  Bill HR 6507's most recent activity was Referred to the House Committee on Ways and Means. as of January 25, 2022

Bipartisan Support of Bill HR 6507

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6507

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 6507

Child Health Savings Account Act of 2022
To amend the Internal Revenue Code of 1986 to allow for the establishment of child health savings accounts, and for other purposes.
Child Health Savings Account Act of 2022

Comments

Sponsors and Cosponsors of HR 6507

Beth Van Duyne
Beth Van Duyne
TexasRepublican

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