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To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.

12/30/2022, 3:49 AM

Summary of Bill HR 6514

Bill 117 HR 6514, also known as the Health Insurance Premiums Deduction Act, aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to allow individuals to deduct their health insurance premiums from their taxes as an above-the-line deduction.

Currently, health insurance premiums are typically deducted as an itemized deduction, meaning that individuals must meet certain criteria in order to claim this deduction. However, this bill seeks to simplify the process by allowing individuals to deduct their health insurance premiums directly from their gross income, before calculating their adjusted gross income.

This above-the-line deduction would make it easier for individuals to receive tax benefits for their health insurance premiums, regardless of whether they itemize their deductions or not. This could potentially provide financial relief for individuals who are struggling to afford health insurance coverage. Overall, the Health Insurance Premiums Deduction Act aims to make healthcare more affordable for individuals by providing a tax benefit for health insurance premiums. This bill is currently under consideration in the US Congress and has the potential to have a significant impact on healthcare affordability for many Americans.

Congressional Summary of HR 6514

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.

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Current Status of Bill HR 6514

Bill HR 6514 is currently in the status of Bill Introduced since January 28, 2022. Bill HR 6514 was introduced during Congress 117 and was introduced to the House on January 28, 2022.  Bill HR 6514's most recent activity was Referred to the House Committee on Ways and Means. as of January 28, 2022

Bipartisan Support of Bill HR 6514

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6514

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 6514

To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.
To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.

Comments

Sponsors and Cosponsors of HR 6514

Andy Biggs
Andy Biggs
ArizonaRepublican

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