Key provisions of the House and Senate bill:
- The Family Act covers the out-of-pocket costs associated with in vitro fertilization (IVF) including diagnostic tests, laboratory charges, professional charges, and medications for IVF.
- The Family Act covers the out-of-pocket costs of fertility preservation procedures if the man or woman is diagnosed with cancer and the cancer treatment or disease itself may result in infertility.
- The Family Act has a cost sharing provision allowing 50% of all applicable medical expenses to be covered up to a lifetime maximum of $13,360. You would need to have out-of-pocket costs totaling $26,720 to claim the entire credit in your lifetime.
- If you do not owe taxes in a particular year, do not owe enough taxes to use the whole credit, or do not reach the max amount in one tax year, it carries over to the next year for a max of five years after the first year you use the credit.
- The Family Act is available to couples filing jointly with adjusted gross incomes of less than $222,520, but the credit is smaller for those earning between $182,500 and $222,520.
It starts with us!
thanks for the heads up! I'm on it!
ReplyDeleteThank you for posting!!! I may need to steal this for my blog so we can further get the word out! :)
ReplyDeleteThanks for posting this!
ReplyDelete