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Adds a new section 224 to Part VII of subchapter B of chapter 1 providing a deduction for amounts paid by the taxpayer for insurance that constitutes medical care for the taxpayer, spouse, and dependents and specifying that amounts so deducted shall not be taken into account in determining any other deduction or credit under this chapter.
Redesignates the existing item relating to section 224 as an item relating to section 225 and inserts a new item relating to section 224 after the item relating to section 223 in the table of sections for Part VII of subchapter B of chapter 1.
Amends subsection (a) of section 62 by inserting a new paragraph (22) to include the deduction allowed by section 224 among deductions allowed whether or not the individual itemizes other deductions.
Referred to the House Committee on Ways and Means.
Introduced January 3, 2025 by Andrew S. Biggs · Last progress January 3, 2025
This proposal would let people subtract what they pay for health insurance premiums from their income before taxes. You could do this even if you don’t itemize deductions. It applies to coverage for yourself, your spouse, and your dependents, which could lower your taxable income and your tax bill.
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