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

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.