To amend the Internal Revenue Code of 1986 to clarify that expenses for blood storage qualify as expenses for medical care.

Hozzl · 2022-12-29T12:33:47Z

Explore the details of House Bill 8912 To amend the Internal Revenue Code of 1986 to clarify that expenses for blood storage qualify as expenses for medical care. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 12:33 PM

Summary of Bill HR 8912

Bill 117 HR 8912 aims to amend the Internal Revenue Code of 1986 to clarify that expenses for blood storage qualify as expenses for medical care. This means that individuals who incur expenses for storing blood for medical purposes will be able to deduct these expenses from their taxes as medical care expenses.

The bill seeks to provide clarity on the tax treatment of blood storage expenses, ensuring that individuals who require blood storage for medical reasons are able to receive the same tax benefits as those who incur other medical expenses. This amendment is important as it recognizes the importance of blood storage in medical care and ensures that individuals are not unfairly burdened by the costs associated with it.

Overall, Bill 117 HR 8912 aims to provide much-needed clarity and support for individuals who require blood storage for medical purposes, ensuring that they are able to receive the tax benefits they deserve.

Congressional Summary of HR 8912

This bill expands the tax deduction for medical expenses to include expenses for storage of blood or biomaterial derived from blood.

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Current Status of Bill HR 8912

Bill HR 8912 is currently in the status of Bill Introduced since September 20, 2022. Bill HR 8912 was introduced during Congress 117 and was introduced to the House on September 20, 2022. Bill HR 8912's most recent activity was Referred to the House Committee on Ways and Means. as of September 20, 2022