[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.
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