H.R.5262 - Tax Free Health Savings Act of 2006

To amend the Internal Revenue Code of 1986 to provide tax incentives for the payment of premiums for high deductible health plans, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Tax Free Health Savings Act of 2006 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to provide tax incentives for the payment of premiums for high deductible health plans, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/02/06
 
 
 
 
 
 
 

Official Summary

Tax Free Health Savings Act of 2006 - Amends the Internal Revenue Code to: (1) allow individual taxpayers a tax deduction for high deductible health plan premiums, a tax credit for employment taxes related to the payment of such premiums, and a refundable tax credit for the coverage costs u

Official Summary

Tax Free Health Savings Act of 2006 - Amends the Internal Revenue Code to:
(1) allow individual taxpayers a tax deduction for high deductible health plan premiums, a tax credit for employment taxes related to the payment of such premiums, and a refundable tax credit for the coverage costs under a high deductible health plan:
(2) direct the Secretary of the Treasury to establish a program for advance payments of tax credit amounts to providers of high deductible health plans;
(3) increase the tax deduction for contributions to health savings accounts;
(4) allow health savings accounts to incorporate flexible spending arrangements or health reimbursement arrangements, or both;
(5) allow payment of high deductible health plan premiums from health savings accounts; and
(6) exempt employers from health savings account contribution requirements for certain employees with high levels of medical expenses.

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