Us Congress 2023-2024 Regular Session

Us Congress House Bill HB109

Introduced
1/9/23  

Caption

This bill allows an individual taxpayer a deduction from gross income for insurance premiums paid for the health care coverage of the taxpayer and the taxpayer's spouse and dependents. The bill makes the deduction available whether or not the taxpayer itemizes other deductions.

Impact

The implications of this bill are significant as it seeks to ease the financial burden of health insurance costs on individuals and families. By allowing above-the-line deductions, HB 109 would make it easier for taxpayers to reduce their taxable income, potentially leading to a lower overall tax bill. This change could incentivize more individuals to maintain health insurance coverage, as the deductible nature of premiums may lead to increased affordability for those who previously struggled with high costs.

Summary

House Bill 109 proposes an amendment to the Internal Revenue Code of 1986, allowing individuals to claim an above-the-line deduction for health insurance premiums. This provision aims to provide tax relief to taxpayers by enabling them to deduct amounts paid for medical care insurance for themselves, their spouses, and their dependents. Importantly, this deduction would be available to taxpayers regardless of whether they itemize other deductions, broadening access to tax benefits related to health insurance.

Contention

While the bill is poised to benefit many taxpayers, there may be points of contention regarding its impact on government revenue. Opponents could argue that such deductions may lead to a decrease in federal tax revenue, complicating budgetary processes. Additionally, some may express concerns that the provision primarily benefits those who are already financially stable, effectively excluding lower-income individuals who might not have the means to pay for health insurance premiums in the first place. Overall, while the bill aims at improving healthcare accessibility through tax relief, its economic consequences warrant careful examination.

Companion Bills

No companion bills found.

Previously Filed As

US HB11

This bill provides a tax deduction for health insurance premiums paid to provide medical insurance coverage for an individual, the individual’s spouse, and the individual’s dependents. Under the bill, the tax deduction may be claimed as an adjustment to income (also known as an above-the-line tax deduction), which does not require the individual to itemize deductions. 

US HB4322

Equal Dignity for Married Taxpayers Act of 2023

US HB312

Emergency Savings Accounts Act of 2023 This bill allows an individual taxpayer occupying a residence a deduction from gross income for up to $5,000 of amounts paid into such taxpayer's emergency savings account. The bill defines emergency savings account as an account established exclusively to pay the qualified disaster and public health emergency expenses of the account beneficiary. The bill defines qualified disaster and public health emergency expenses as disaster mitigation expenses, disaster recovery expenses, public health emergency expenses, and unemployment-related expenses.

US SB2221

Equal Dignity for Married Taxpayers Act of 2023

US SB35

Homeowners Premium Tax Reduction Act of 2025 This bill establishes a new deduction of up to $10,000 claimed against gross income (above-the-line tax deduction) for annual policy premiums paid or incurred for homeowners insurance on an individual's principal residence. 

US HB1163

Protecting Taxpayers and Victims of Unemployment Fraud Act

US SB1051

Protect Taxpayers’ Privacy Act

US SB1177

Small Business Taxpayer Bill of Rights Act of 2023

US HB176

This bill allows a deduction from gross income (above the line deduction) for attorney fees and court costs awarded with respect to a qualifying wildfire disaster (i.e., any forest or range fire that is a federally declared disaster, occurs in a disaster area, and occurs in 2015 or later). The bill excludes from the gross income of a taxpayer, for income tax purposes, amounts paid to compensate victims for losses or damages in connection with a qualifying wildfire disaster.

US HB2675

Affordable Payment Agreements for Taxpayers Act

Similar Bills

No similar bills found.