Quantcast

Rockland Reporter

Sunday, December 22, 2024

Representatives introduce bill offering $30K refundable tax credit for IVF

Webp o6wagsjgd72uutyuh9sha9pu1ona

U.S. Rep. Michael Lawler, District 17 | LinkedIn

U.S. Rep. Michael Lawler, District 17 | LinkedIn

On September 9, 2024, Congressman Mike Lawler (NY-17) joined Congresswoman Mariannette Miller-Meeks (IA-01) and Congresswoman Lori Chavez-DeRemer in introducing legislation to promote access to in vitro fertilization (IVF) through a fully refundable tax credit up to $30,000. The bill aims to provide financial relief for individuals and couples pursuing IVF.

"IVF has enabled millions to experience the joys of parenthood who would not otherwise be able," said Representative Lawler. "I’m proud to sign onto Congresswoman Miller-Meeks’ new bill which will ensure this life-giving procedure is accessible and affordable for families across our country."

"Every life is precious, and we have a moral imperative to support those who wish to become parents," said Representative Miller-Meeks. "By providing financial assistance through this refundable tax credit, we are not only making IVF more accessible but also empowering individuals and families to realize their dreams of parenthood. This bill is a commitment to supporting life and the choices of families across our nation."

"Thousands of babies are born every year in the United States thanks to IVF. Unfortunately, it’s a very expensive procedure that often isn’t covered by insurance, which leaves it out of reach for many couples who want to have children," said Representative Chavez-DeRemer. "I’m proud to be an original cosponsor of this commonsense legislation, which would make IVF medical expenses more affordable – helping more Americans experience one of the greatest gifts and joys in life."

Currently, the IRS permits a limited medical expense deduction for expenses related to IVF treatments. However, the average IVF treatment cycle ranges from $15,000 to $30,000—a significant financial burden for many Americans.

The bill comes as recent data shows a notable rise in IVF coverage among large companies; however, a significant portion of the workforce, particularly those employed by small businesses, remains without this crucial benefit. With U.S. birth rates on the decline, the proposed legislation represents a proactive step toward encouraging family growth and supporting those wishing to bring children into the world.

Key provisions of the bill include:

Refundable Tax Credit: Establishes a fully refundable tax credit for IVF-related medical expenses up to a lifetime benefit of $30,000. This allows taxpayers to receive refunds even if the credit exceeds their tax liability.

Deductibility: Allows taxpayers to deduct IVF-related expenses beyond what is covered by the credit.

Eligible Expenses: Covers various IVF-related costs including transportation services, egg retrievals and transfers, counseling sessions, lab fees, medications, and ultrasounds.

Congressman Lawler is known as one of the most bipartisan members of the 118th Congress and represents New York's 17th Congressional District just north of New York City covering parts or all of Rockland County Putnam County Dutchess County Westchester County.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS