President Signs Medicare Prescription Drug Legislation

The President on December 8, 2003, signed the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. The tax provisions of the bill include the establishment of new Health Savings Accounts and an exclusion for federal subsidies of prescription drug plans. Although both the House and Senate have scheduled at least one day of sessions yet this year, it appears unlikely that any of the other pending pieces of tax legislation, including energy legislation, ETI repeal, the charitable giving bill, and extenders, will pass Congress before the end of the year. There is still a chance that a provision with respect to a change in the calculation of pension funding will be appended to the final appropriations bill.


Wolters Kluwer Tax and Accounting

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