Affordable Health Insurance Tax Act

Summary

Affordable Health Insurance Tax Act - Title I: Refundable Health Insurance Premium Tax Credit - Amends the Internal Revenue Code to allow a tax credit for the applicable percentage of qualified health insurance premiums paid by an individual. Bases such percentage on the taxpayer's adjusted gross income and the official poverty line. Limits such credit to: (1) $1,500 in the case of self-only coverage; (2) $2,000 in the case of coverage of an individual and the individual's spouse; and (3) $2,500 in the case of other family coverage. Increases such limits for long-term care insurance. Title II: Individual Medical Care Savings Accounts - Allows individuals a tax deduction for contributions made to a tax-exempt medical care savings account established for the benefit of qualifying individuals (the taxpayer or spouse). Limits such deduction to $2,500. Provides for reducing such deduction if amounts in such accounts exceed specified limits. Establishes an excise tax for excess contributions to medical care savings accounts and makes such accounts subject to the tax on prohibited transactions. Allows such deduction in arriving at adjusted gross income. Title III: Repeal and Modification of Existing Tax Provisions - Repeals the itemized deduction for medical and dental expenses. Repeals the health insurance credit as a determining factor of the earned income credit. Limits the exclusion from gross income of contributions by employers to health plans based on joint returns and double coverage.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 November 1991

  Open at official source

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