“Providing tax relief for hard-working Americans has been a priority for Republicans since we have been in the majority,” Rep. Jones said. “This comprehensive bill takes a common sense approach to tax policy to provide Americans with a sense of long-term economic security and a peace of mind. Further, the legislation takes great steps to expand access to critical services under Medicare for our senior and restores important funding for our hospitals. I urge the President to sign this bill and provide healthcare access and tax relief for millions of Americans.”

Included in the Certified Development Company Program Improvements Act are provisions that would make saving money easier by allowing families to make greater contributions to tax-free 401(k) and Roth IRA retirement accounts.  The current IRA annual limit of $2,000 would be increased to $5,000 and the 401(k) plan limit of $10,000 would be increased to $15,000. This bipartisan provision will give Americans of all ages more resources to provide for their retirement security. 

The package includes a long-term health care tax deduction and expands coverage of many service not previously allowed under Medicare to include glaucoma screenings, medical nutrition therapy for patients with diabetes and kidney disease as well as expanded coverage for mammography, papsmears, pelvic exams, and colonoscopies to detect cancer.  The legislation lowers out-of-pocket costs for Medicare beneficiaries by accelerating the reduction of high co-payments they pay for outpatient hospital visits.  It also increases beneficiaries' access to telehealth medicine in rural areas where medical specialists are not readily available thereby greatly expanding the ability to provide health care services to seniors regardless of their location.  

 H.R. 2614 provides $28 billion of relief over 5 years to restore funding inadvertently cut under the 1997 Balanced Budget Act.  Hospitals and teaching hospitals specifically are helped by a providing a full inflation adjustment for 2001 and increasing payments related to physician training. The bill also protects funding for home health services by delaying an additional 15 percent cut in payments directed by the 1997 BBA and provides a full medical inflation adjustment for those services. 

Other provisions include the repeal of the diesel and barge 4.3-cent per gallon tax and a variety of tax benefits for small businesses so that they can afford to pay their employees a higher minimum wage. 

H.R. 2614 passed in the House by a vote of 237-174 and will be sent to the President in hopes that he will sign the bill into law.