HB6626 Summary

• Amends the Illinois Income Tax Act to create a tax deduction for individual taxpayers who had health insurance through a nonprofit health insurance cooperative established under the federal Patient Protection and Affordable Care Act

• Applies to taxpayers who lost coverage because the nonprofit cooperative ceased operations in Illinois and subsequently obtained new health insurance that does not allow them to apply prior medical expenses to the new plan's deductible

• Deduction amount equals the difference between actual medical expenses incurred during the tax year and the taxpayer's deductible under the nonprofit cooperative plan

• Deduction is available only for tax years ending on or after January 1, 2016 and on or before December 31, 2016

• Takes effect immediately upon becoming law