Equity for Our Nation's Self Employed Act of 2005 - Amends the Internal Revenue Code to allow self-employed individuals to deduct health insurance costs in computing the tax on self-employment income.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 663 Introduced in Senate (IS)]
109th CONGRESS
1st Session
S. 663
To amend the Internal Revenue Code of 1986 to allow self-employed
individuals to deduct health insurance costs in computing self-
employment taxes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 17, 2005
Mr. Bingaman (for himself, Mr. Thomas, Mr. Isakson, and Mr. Burns)
introduced the following bill; which was read twice and referred to the
Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to allow self-employed
individuals to deduct health insurance costs in computing self-
employment taxes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Equity for Our Nation's Self
Employed Act of 2005''.
SEC. 2. DEDUCTION FOR HEALTH INSURANCE COSTS IN COMPUTING SELF-
EMPLOYMENT TAXES.
(a) In General.--Section 162(l) of the Internal Revenue Code of
1986 (relating to special rules for health insurance costs of self-
employed individuals) is amended by striking paragraph (4) and by
redesignating paragraph (5) as paragraph (4).
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
<all>
Introduced in Senate
Sponsor introductory remarks on measure. (CR S3031)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3032)
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