Seniors Tax Hike Prevention Act of 2016
This bill amends the Internal Revenue Code (IRC) to extend, through 2018, the rule that permits individuals who are 65 and older to deduct certain medical expenses that exceed 7.5% of adjusted gross income. (Under current law, the rule that reduces the 10% threshold for the medical expense deduction to 7.5% if a taxpayer or a taxpayer's spouse is 65 or older expires at the end of 2016.)
The bill also expresses the sense of the Senate that the reduction in revenues resulting from this bill should be offset by an appropriate amendment to the IRC.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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