II 109th CONGRESS 1st Session S. 663 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.

1.

Short title

This Act may be cited as the Equity for Our Nation’s Self Employed Act of 2005.

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.