Lowering Costs for Caregivers Act of 2025
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Lowering Costs for Caregivers Act of 2025, modifies the Internal Revenue Code to allow certain caregiving expenses to be deducted as medical expenses. Specifically, it expands the definition of ‘medical expenses’ to include costs related to parents, and it adjusts rules for Health Savings Accounts, Flexible Spending Accounts, and Archer MSAs to accommodate these new caregiving expenses. The changes aim to provide financial relief for individuals who are caring for their parents.
Key provisions
- Allows expenses for parents to be treated as medical expenses for tax purposes.
- Expands the definition of ‘medical expenses’ to include costs related to parents.
- Modifies Health Savings Accounts to allow contributions for parent care expenses.
- Modifies Flexible Spending and Health Reimbursement Arrangements to allow contributions for parent care expenses.
- Modifies Archer MSAs to allow contributions for parent care expenses.
Who is affected
- Taxpayers
- Parents
- Spouses
Notable changes
- Changes the Internal Revenue Code to recognize caregiving expenses as medical expenses.
- Updates rules for various tax-advantaged accounts to accommodate these new expenses.
Bill text
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Sponsors
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30 on record
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