Sec. 201. Tax deduction for health insurance premiums

296 words·~1 min read·/bill/115/hr/1072/ih/section-201

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 224 as section 225 and by inserting after section 222 the following new section: There shall be allowed as a deduction the amount of premiums paid by the taxpayer for health insurance coverage (as defined in section 9832) of the taxpayer, the taxpayer's spouse, or any dependent (as defined in section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) of the taxpayer. Subsection

(a)shall not apply with respect to so much of any premium for which a credit has been allowed under section 36B. Subsection

(a)shall not apply with respect to any amount which is treated as a qualified medical expense under either section 220(d) or 223(c). For purposes of determining the amount of the deduction under section 213, any amount for which a deduction is allowed under subsection

(a)shall not be treated as an expense paid for medical care. . Section 62(a) of the Internal Revenue Code of 1986 is amended by inserting after paragraph

(21)the following new paragraph: The deduction allowed by section 224. . Section 35(g)(2) of the Internal Revenue Code of 1986 is amended by striking or 213 and inserting 213, or 224 . Section 162(l)(3) of such Code is amended by inserting or 224(a) after 213(a) . The table of sections for part VII of subchapter B of chapter 1 of such Code is amended by redesignating the item relating to section 224 as relating to section 225 and by inserting after the item relating to section 223 the following new item: Sec. 224. Health insurance premiums. . The amendments made by this section shall apply to taxable years beginning after December 31, 2017.