H.R.4064 - Keeping Promises to Taxpayers Act of 2012

To amend the Internal Revenue Code of 1986 to repeal certain tax increases. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to repeal certain tax increases. as introduced.
  • Short: Keeping Promises to Taxpayers Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/16/12
 
 
 
 
 
 
 

Sponsor

Representative

Mick Mulvaney

R-SC

View Co-Sponsors (16)

Official Summary

Keeping Promises to Taxpayers Act of 2012 - Amends the Internal Revenue Code and the Patient Protection and Affordable Care Act to repeal certain health care-related taxes and other provisions, including: (1) the requirement that certain employers provide their employees with health insuran

Official Summary

Keeping Promises to Taxpayers Act of 2012 - Amends the Internal Revenue Code and the Patient Protection and Affordable Care Act to repeal certain health care-related taxes and other provisions, including:
(1) the requirement that certain employers provide their employees with health insurance coverage and report on such coverage,
(2) the excise tax on excess benefits from employer-sponsored health care coverage,
(3) the requirement that distributions from a health savings account be used to pay for prescription drugs and insulin only (thus allowing for payment of over-the-counter medications),
(4) the increase (from 7.5% to 10%) in the income threshold for the medical expense tax deduction,
(5) the $2,500 limitation on contributions to health flexible spending arrangements,
(6) the annual fees required for businesses providing health insurance and manufacturers or importers of branded prescription drugs,
(7) the Patient-Centered Outcomes Research Trust Fund,
(8) the fee imposed on insured and self-insured health plans,
(9) the excise taxes on medical device manufacturers and importers and on indoor tanning services,
(10) the increase (from 10% to 20%) in the penalty for distributions from health savings accounts and Archer medical savings accounts not used for qualified medical expenses, and
(11) the increase in the tobacco production excise tax.

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