Small businesses cheer the 100 percent health insurance deduction.
The senate debate in June about making 100 percent health insurance deductibility for the self-employed effective in 1999 catapulted that issue to the top of the congressional tax cut agenda. The debate accompanied wrangling over the tobacco bill, to which the health insurance issue was attached. In June, however, the tobacco bill was recommitted to the Senate Committee on Commerce, Science and Transportation, in effect killing it.
But at the end of July, House Republicans resurrected the 100 percent deductibility provision when they included it in their managed-care health bill, which passed by a vote of 216 to 210 on July 24.
Continue reading this article -- and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5!
Get 3 months free with code ZENDESK
Presented by zendesk