H.R. 111 — To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.

This section establishes an above-the-line deduction for health insurance premiums under the Internal Revenue Code of 1986 by adding new section 224, allowing an individual to deduct amounts paid for insurance that constitutes medical care under section 213(d) for the taxpayer, the taxpayer’s spouse, and dependents. The deduction is allowed whether or not the taxpayer itemizes deductions, because section 62 is amended to include it among the deductions taken into account in computing adjusted gross income. The provision also specifies that amounts deducted under this new rule may not be used again for any other deduction or credit under chapter 1, and it applies to taxable years beginning after December 31, 2024.