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Small biz tax break seen
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March 20, 1998: 3:48 p.m. ET
Budget resolution would hike health deductions for farmers, entrepreneurs
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NEW YORK (CNNfn) - The Senate Budget Committee's annual budget resolution would give small business owners a break by allowing them to deduct more of their health insurance costs.
The latest markup of the fiscal 1998-99 budget would raise the self-employed health insurance deduction from the current 45 percent to 80 percent by 2003 and 100 percent in 2007.
The proposal improves on a provision in last year's Tax Relief Act that would have capped deductibility at 80 percent in 2006.
"More than 5.4 million of the self-employed have absolutely no health insurance coverage, nor do 1.5 million of their children. In the end, we all pay for that," said Sen. Kit Bond (R-Mo.), chairman of the Senate Committee on Small Business.
A budget bill may go through several mark-up sessions before it gets approved by the Senate and signed into law by the president, so changes could still be made to the proposal.
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