Bill > HR111

This bill amends the Internal Revenue Code to create a new above-the-line tax deduction for health insurance premiums, which means taxpayers can claim this deduction regardless of whether they itemize their tax deductions. Specifically, the bill allows individuals to deduct amounts paid for health insurance that covers medical care for themselves, their spouse, and dependents. The deduction cannot be used to reduce other tax deductions or credits. This new tax provision would take effect for taxable years beginning after December 31, 2024. The bill involves technical amendments to the tax code, including redesignating an existing section and inserting a new section to accommodate this deduction. By creating an above-the-line deduction, the bill aims to make health insurance more affordable by providing a tax benefit that reduces an individual's taxable income, potentially lowering their overall tax liability and making health insurance more financially accessible.