HR111119th CongressWALLET

To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.

Sponsored By: Representative Biggs (AZ)

Introduced

Summary

Above-the-line deduction for health insurance premiums that would let individuals reduce taxable income by the amount they pay for medical insurance for themselves, a spouse, and dependents.

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  • Households could lower their taxable income by eligible premiums paid for family coverage, cutting taxable income whether or not they itemize.
  • Because the deduction is above-the-line, taxpayers can claim it without itemizing their returns, so more people could benefit.
  • Premiums must qualify as "medical care" under Internal Revenue Code section 213(d) and cannot be used to claim any other deduction or credit for the same or another taxpayer. It would apply to tax years beginning after December 31, 2024, affecting 2025 filings and later.

Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

New tax deduction for health premiums

This bill would let you deduct health insurance premiums you pay for yourself, your spouse, and your dependents. The deduction would be above the line, so you could take it even if you do not itemize. Only premiums you pay out of pocket would count. The same dollars could not also be used for another tax deduction or credit. It would apply to tax years starting after December 31, 2024.

Sponsors & CoSponsors

Sponsor

Biggs (AZ)

AZ • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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