New Tax Deduction for Health Insurance Premiums
This proposed bill introduces a new way to deduct health insurance premium payments from taxable income. This means citizens could reduce their taxable income by these expenses, potentially leading to lower taxes owed. The change applies to premiums paid for oneself, a spouse, and dependents.
Key points
Allows deducting health insurance premiums directly from income, regardless of other itemized deductions.
Applies to premiums paid for the taxpayer, spouse, and dependents.
Changes are effective for tax years beginning after December 31, 2021.
Expired
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