[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4771 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 4771

 To amend the Internal Revenue Code of 1986 to expand eligibility for 
            health savings accounts, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 25, 2024

  Mr. Scott of Florida introduced the following bill; which was read 
             twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to expand eligibility for 
            health savings accounts, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Increasing Value for Families with 
HSAs Act of 2024'' or the ``IVF with HSAs Act of 2024''.

SEC. 2. HEALTH SAVINGS ACCOUNT ELIGIBILITY.

    (a) In General.--Paragraph (1) of section 223(c) of the Internal 
Revenue Code of 1986 is amended to read as follows:
            ``(1) Eligible individual.--The term `eligible individual' 
        means, with respect to any month, any individual if such 
        individual is covered under any health insurance coverage as of 
        the 1st day of such month.''.
    (b) Conforming Amendments.--
            (1) Subsection (c) of section 223 of the Internal Revenue 
        Code of 1986 is amended by striking paragraphs (2) and (3) and 
        by redesignating paragraphs (4) and (5) as paragraphs (2) and 
        (3), respectively.
            (2) Paragraphs (2)(A) and (2)(B) of section 223(b) of such 
        Code are each amended by striking ``a high deductible health 
        plan'' and inserting ``any health insurance coverage''.
            (3) Paragraph (8)(A)(ii) of section 223(b) of such Code is 
        amended by striking ``high deductible health plan'' and 
        inserting ``health insurance coverage''.
            (4) Section 223(g)(1) of such Code is amended--
                    (A) by striking ``subsections (b)(2) and 
                (c)(2)(A)'' both places it appears and inserting 
                ``subsection (b)(2)'',
                    (B) by striking ``for `calendar year 2016''' in 
                subparagraph (B) and all that follows through 
                ```calendar year 2003'.'' and inserting ```calendar 
                year 1997' for `calendar year 2016' in subparagraph 
                (A)(ii) thereof.''.
            (5) The heading of subparagraph (B) of section 223(b)(8) of 
        such Code is amended by striking ``high deductible health 
        plan''.
            (6) Section 26(b)(2)(S) of such Code is amended by striking 
        ``high deductible health plan''.
            (7) The heading of paragraph (3) of section 106(e) of such 
        Code is amended by striking ``high deductible health plan''.
            (8) Clause (ii) of section 106(e)(5)(B) of such Code is 
        amended by striking ``a high deductible health plan'' and 
        inserting ``any health insurance coverage''.
            (9) Paragraph (9) of section 408(d) of such Code is 
        amended--
                    (A) by striking ``high deductible health plan'' in 
                subparagraph (C)(i)(I) and inserting ``health 
                insurance'',
                    (B) by striking ``coverage under a high deductible 
                health plan'' both places it appears in subparagraph 
                (C)(ii)(II) and inserting ``health insurance 
                coverage'', and
                    (C) by striking ``high deductible health plan'' in 
                the heading of subparagraph (D).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2024.

SEC. 3. INCREASE IN HSA CONTRIBUTION LIMITATIONS.

    (a) In General.--Paragraph (2) of section 223(b) of the Internal 
Revenue Code of 1986, as amended by this Act, is further amended--
            (1) by striking ``$2,250'' in subparagraph (A) and 
        inserting ``$8,600'', and
            (2) by striking ``$4,500'' in subparagraph (B) and 
        inserting ``$17,100''.
    (b) Cost-of-Living Adjustment.--Paragraph (1) of section 223(g) of 
the Internal Revenue Code of 1986, as amended by this Act, is further 
amended--
            (1) by striking ``Each'' and inserting ``In the case of a 
        taxable year beginning after 2025, each'', and
            (2) by striking ``calendar year 1997'' and inserting 
        ``calendar year 2024''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2024.
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