Section 1 Short title
This Act may be cited as the “Tax Free Health Insurance Act of 2014”.
Tax Free Health Insurance Act of 2014
A BILL
To amend the Internal Revenue Code of 1986 to allow a deduction for premiums for insurance which constitutes medical care.
Sec. 2 Deduction for premiums for health insurance
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.”
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.”
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:
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2014.