Page:United States Statutes at Large Volume 110 Part 3.djvu/307

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'•j^-vS" PUBLIC LAW 104-191—AUG. 21, 1996 110 STAT. 2037 (2)(A) Clause (vi) of section 1882(d)(3)(A) of the Social Security Act, as added by subsection (a), shall only apply to individuals applying for— (i) a health insurance policy described in section 1882(d)(3)(A)(iv) of such Act (as added by subsection (a)), after the date of the enactment of this Act, or (ii) another health insurance policy after the end of the 30-day period beginning on the date of the enactment of this Act. (B) A seller or issuer of a health insurance policy may substitute, for the disclosure statement described in clause (vii) of such section, the statement specified under section 1882(d)(3)(D) of the Social Security Act (as in effect before the date of the enactment of this Act), without the revision specified in such clause. TITLE III—TAX-RELATED HEALTH PROVISIONS SEC. 300. AMENDMENT OF 1986 CODE. Except as otherwise expressly provided, whenever in this title an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. Subtitle A—Medical Savings Accounts SEC. 301. MEDICAL SAVINGS ACCOUNTS. (a) IN GENERAL. — Part VII of subchapter B of chapter 1 (relating to additional itemized deductions for individuals) is amended by redesignating section 220 as section 221 and by inserting after section 219 the following new section: "SEC. 220. MEDICAL SAVINGS ACCOUNTS. "(a) DEDUCTION ALLOWED.—In the case of an individual who is an eligible individual for any month during the taxable year, there shall be allowed as a deduction for the taxable year an amount equal to the aggregate amount paid in cash during such taxable year by such individual to a medical savings account of such individual. " (b) LIMITATIONS. — "(1) IN GENERAL.— The amount allowable as a deduction under subsection (a) to an individual for the taxable year shall not exceed the sum of the monthly limitations for months during such taxable year that the individual is an eligible individual. "(2) MONTHLY LIMITATION. — The monthly limitation for any month is the amount equal to Vi2 of— "(A) in the case of an individual who has self-only coverage under the high deductible health plan as of the first day of such month, 65 percent of the annual deductible under such coverage, and "(B) in the case of an individual who has family coverage under the high deductible health plan as of the