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Capitol Correspondence - 03.04.19

Senate Considers Extending Tax Breaks – Some Provisions Relevant to People with I/DD

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ANCOR is sharing the article below by Politico Pro because one tax deduction described below is of interest to people with intellectual / developmental disabilities, because of their frequently high medical costs.

As written by Politico Pro:

“Legislation to renew more than two dozen business and personal tax breaks was rolled out today by Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and ranking member Ron Wyden (D-Ore.).

Their bill also includes disaster relief provisions and language on deducting medical expenses.

The 29 expired ‘extenders’ warrant attention now to help taxpayers account for decisions they made last year and plan ahead, Grassley said in Senate floor remarks, in which he also acknowledged that lawmakers need to discuss the longer-term utility of the tax breaks.

[…]

No offsets are required, he said, citing the longstanding precedent of Congress not paying for temporary tax provisions.

[…]

Despite the legislation, the extenders’ fate remains uncertain. There has been less urgency among House lawmakers to continue them.

The Grassley-Wyden proposal would also extend a rule that allows taxpayers to claim an itemized deduction for unreimbursed medical expenses when those expenses exceed 7.5 percent of their adjusted gross income. The threshold was set to rise to 10 percent of AGI in 2019.  [Emphasis added by ANCOR].

Other provisions would allow taxpayers more access to retirement funds and relax restrictions on charitable giving as part of disaster assistance, Grassley said.”