Replaces subsection (g) of section 45R to provide modified rules for the small employer health insurance tax credit for employers located in a State with a section 1335 ACA waiver, including specified credit percentages, treatment of certain Exchange-offered plans as qualified plans, removal of the phaseout, modifications to eligible small employer and employee definitions, alteration of the credit period, and inapplicability of tax-exempt rules.

Adds a new section (section 1335, 'Health freedom waiver program') to Part 4 of subtitle D of title I (42 U.S.C. 18051 et seq.) establishing a state waiver program, notification process, payments into Trump Health Freedom Accounts, coordinated waiver process with other federal waiver authorities, rules for Exchanges, definitions, a regulation deadline, and a rule of construction preserving certain consumer protections.

Adds a new subsection to 26 U.S.C. §223 establishing 'Trump Health Freedom Accounts' and prescribing their definition, eligibility, treatment of transferred contributions, rollover rules, permitted uses and prohibitions (including restrictions on funding gender transition procedures and abortion services), and related definitions.