Bill > H3017

This bill amends Chapter 62 of the General Laws to allow self-employed individuals to deduct health insurance payments from their gross income for tax purposes. Specifically, the bill adds a new provision that permits taxpayers who are self-employed (as defined by section 401(c)(I)(B) of the Internal Revenue Code) to deduct amounts paid for medical insurance that covers themselves, their spouse, and their dependents during the taxable year. This deduction would provide a tax benefit to self-employed individuals by reducing their taxable income by the amount spent on health insurance, which can help make health coverage more affordable for those who are not part of traditional employer-sponsored health insurance plans. The change aims to provide financial relief and support for self-employed individuals by recognizing the significant cost of health insurance for this group of workers.

Budget and Finance

https://malegislature.gov/Bills/194/H3017