HELPS Retirees Improvement Act of 2022

Hozzl · 2022-12-29T22:03:47Z

Explore the details of House Bill 7203 HELPS Retirees Improvement Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 10:03 PM

Summary of Bill HR 7203

Bill 117 hr 7203, also known as the HELPS Retirees Improvement Act of 2022, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide assistance and support to retirees in the United States.

One key provision of the HELPS Retirees Improvement Act is the establishment of a new program to help retirees access affordable housing options. This program would provide grants to local governments and non-profit organizations to develop and maintain housing specifically for retirees. The bill also includes provisions to improve access to healthcare for retirees, including expanding Medicare coverage and reducing out-of-pocket costs for prescription drugs.

Additionally, the HELPS Retirees Improvement Act aims to strengthen retirement savings options for individuals by expanding access to employer-sponsored retirement plans and increasing the contribution limits for retirement accounts. The bill also includes measures to protect retirees from financial exploitation and fraud. Overall, the HELPS Retirees Improvement Act of 2022 seeks to improve the quality of life for retirees in the United States by providing support in areas such as housing, healthcare, and financial security. It is currently being debated in Congress and may undergo changes before being voted on.

Congressional Summary of HR 7203

Wally Bunker Healthcare Enhancement for Local Public Safety Retirees Improvement Act of 2022 or the HELPS Retirees Improvement Act of 2022

This bill increases from $3,000 to $6,000 the amount of the exclusion from gross income of distributions from a tax-exempt retirement plan for health and long-term care insurance for public safety officers. It also eliminates the requirement that insurance premiums must be paid directly to the provider of the accident or health plan or long-term care insurance contract as a condition of eligibility for the tax exclusion.

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Current Status of Bill HR 7203

Bill HR 7203 is currently in the status of Bill Introduced since March 24, 2022. Bill HR 7203 was introduced during Congress 117 and was introduced to the House on March 24, 2022. Bill HR 7203's most recent activity was Referred to the House Committee on Ways and Means. as of March 24, 2022

Bipartisan Support of Bill HR 7203

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 7203

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7203

HELPS Retirees Improvement Act of 2022

Wally Bunker Healthcare Enhancement for Local Public Safety Retirees Improvement Act of 2022

To amend the Internal Revenue Code of 1986 to repeal the direct payment requirement on the exclusion from gross income of distributions from governmental plans for health and long-term care insurance, and for other purposes.