To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.
To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.
Plain Language Summary
# HR 111 Summary **What the Bill Would Do** This bill would allow people to deduct health insurance premiums directly from their taxable income, similar to other above-the-line deductions like student loan interest. Currently, most individuals can only deduct medical expenses if they itemize deductions and their total medical costs exceed a high threshold. This bill would make the deduction easier to claim and available to more people. **Who It Affects and Key Provisions** The bill would benefit individuals and families who pay for their own health insurance premiums. The deduction would cover premiums for the person filing taxes, their spouse, and their dependents.
By allowing an "above-the-line" deduction, people could claim it without itemizing—meaning they could use the standard deduction and still reduce their taxable income based on insurance costs paid. **Current Status** HR 111 is currently in committee and has not yet advanced to a full vote in the House. The bill was introduced by Rep. Andy Biggs (R-AZ) in the 119th Congress.
CRS Official Summary
This bill provides a tax deduction for health insurance premiums paid to provide medical insurance coverage for an individual, the individual’s spouse, and the individual’s dependents. Under the bill, the tax deduction may be claimed as an adjustment to income (also known as an above-the-line tax deduction), which does not require the individual to itemize deductions.
Latest Action
Referred to the House Committee on Ways and Means.