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H.R. 5842, Restoring Access to Medication Act of 2012 1 (June 4, 2012)

handle is hein.congrec/cbo10761 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE a COST ESTIMATE June 4, 2012 H.R. 5842 Restoring Access to Medication Act of 2012 As ordered reported by the House Committee on Ways and Means on May 31, 2012 SUMMARY H.R. 5842 would amend the Internal Revenue Code to repeal the provisions that disqualify expenses for over-the-counter medicine under health savings accounts (HSAs), Archer medical savings accounts (Archer MSAs), health flexible spending arrangements (FSAs), and health reimbursement arrangements (HRAs). The bill would thus allow costs for over-the-counter medications to be eligible for reimbursement by funds in those tax-favored accounts. The staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 5842 would reduce revenues by about $4 billion over the 2012-2022 period. Of that reduction, about $3 billion would result from changes in on-budget revenues, and about $1 billion would result from changes in off-budget revenues (from Social Security payroll taxes, which are categorized as off-budget). Pay-as-you-go procedures apply because enacting the legislation would affect on-budget revenues. JCT has determined that the bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA). ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary impact of H.R. 5842 is shown in the following table.

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