Bill > H2444

This bill proposes to amend Chapter 62 of the General Laws to allow self-employed individuals to deduct the cost of health insurance premiums for themselves, their spouses, and dependents from their gross income. This means that the amount they pay for health insurance will be subtracted before their taxable income is calculated, potentially reducing their overall tax liability. The bill defines a "self-employed individual" by referencing section 401(c)(I)(B) of the Code, which is a section of the Internal Revenue Code that outlines criteria for self-employment. This change aims to provide tax relief to those who are self-employed and bear the full cost of their health insurance.