What does Preamble of HR 955 do?

This bill is formally titled 'To amend the Internal Revenue Code of 1986 to reform health provisions, and for other purposes.'

What does SHORT TITLE. of HR 955 do?

This bill is formally titled the Health Out-of-Pocket Expense Act of 2025.

What does HOPE ACCOUNTS. of HR 955 do?

This section establishes HOPE Accounts, which are exempt from taxation under the Internal Revenue Code. A HOPE Account is a trust created to pay qualified medical expenses for an account beneficiary. The trust must meet specific requirements, including having a trustee who is a bank, insurance company, or another entity demonstrating consistent administration. Contributions to a HOPE Account are limited and must be in cash or adhere to specified contribution limits. Eligible individuals for a HOPE Account must be covered by minimum essential coverage or Indian Health Service and not contributing to other accounts like HSAs or FSAs. Qualified medical expenses are defined as those with the meaning given in section 223(d)(2). Employers failing to make comparable HOPE Account contributions may be subject to penalties under section 4980G. The amendments made by this section apply to taxable years beginning after December 31, 2025.

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HOPE Act of 2025 — HR. 955

Last updated: 2/4/2025 · Introduced: 2/4/2025

Author: Blake Moore (R-UT)

TL;DR (AI)

This bill establishes HOPE Accounts, tax-exempt trusts designed to cover qualified medical expenses.
Individuals with minimum essential coverage or Indian Health Service eligibility can contribute to HOPE Accounts, provided they do not have Health Savings Accounts or Flexible Spending Accounts.
Employers who do not make comparable HOPE Account contributions may face penalties.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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