Tax Free Health Insurance Act of 2014

Bill: 113-hr-4600
Sponsor: full_name: Rep. King, Steve [R-IA-4]
Introduced: 2014-05-07
Policy area: Taxation
Subjects: Health care costs and insurance

Income tax deductions
Latest action: action_date: 2014-05-07
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-05-07
action_desc: Introduced in House
text: <p>Tax Free Health Insurance Act of 2014 - Amends the Internal Revenue Code to allow an individual taxpayer a deduction from gross income of insurance premiums paid for the health care coverage of the taxpayer and the taxpayer's spouse and dependents. Makes such deduction available to taxpayers who do not otherwise itemize their deductions. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4600 IN THE HOUSE OF REPRESENTATIVES May 7, 2014 Mr. King of Iowa (for himself, Mrs. Bachmann , Mr. Chabot , Mr. Broun of Georgia , Mrs. Blackburn , Mr. Brooks of Alabama , Mr. Burgess , Mr. Franks of Arizona , Mr. Gingrey of Georgia , Mr. Huelskamp , Mr. Hudson , Mr. Kingston , Mr. Issa , Mr. McHenry , Mr. Weber of Texas , Mr. Wilson of South Carolina , Mr. Cotton , Mr. Yoho , Mr. Fortenberry , Mr. Harris , Mr. Fleming , and Mr. Duncan of South Carolina ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow a deduction for premiums for insurance which constitutes medical care.

1. Short title This Act may be cited as the Tax Free Health Insurance Act of 2014 . 2. Deduction for premiums for health insurance (a) In general 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 223 the following new section: 224. Deduction for premiums for health insurance In the case of an individual, there shall be allowed as a deduction to the taxpayer for the taxable year amounts paid by the taxpayer for insurance which constitutes medical care (as defined in section 213(d)) for the taxpayer and the taxpayer’s spouse and dependents. No amount shall be taken into account under the preceding sentence if a deduction or credit is allowed for such amount under this chapter or to any other taxpayer. . (b) Deduction allowed whether or not individual itemizes other deductions Subsection (a) of section 62 of the Internal Revenue Code of 1986 is amended by inserting before the last sentence at the end the following new paragraph: (22) Deduction for premiums for health insurance The deduction allowed by section 224. . (c) Clerical amendment The table of sections for part VII of subchapter B of chapter 1 is amended by striking the item relating to section 224 and adding at the end the following new items: Sec. 224. Deduction for premiums for health insurance. Sec. 225. Cross reference. . (d) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2014.