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

Bill 119 HR 111, also known as the Health Insurance Premium Deduction Act, aims to make a change to the Internal Revenue Code of 1986. The bill proposes to allow individuals to take an above-the-line deduction for health insurance premiums. This means that individuals would be able to deduct their health insurance premiums from their taxable income before calculating their adjusted gross income.

The purpose of this bill is to provide individuals with a tax benefit for purchasing health insurance. By allowing for an above-the-line deduction, more individuals may be incentivized to purchase health insurance, which can lead to increased access to healthcare services and better health outcomes for the population.

If passed, this bill would have a direct impact on individuals who purchase health insurance on their own, rather than through an employer-sponsored plan. It would provide them with a tax break and potentially make health insurance more affordable for those who are currently uninsured or underinsured. Overall, the Health Insurance Premium Deduction Act aims to promote access to healthcare and make health insurance more affordable for individuals. It is a non-partisan effort to address the rising costs of healthcare and ensure that more Americans have access to the care they need.