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ID H0566
Bill
Status
3/9/2012
Primary Sponsor
Education Committee
Click for details
AI Summary
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Increases the maximum annual income tax deduction for medical savings account contributions from $2,000 to $5,000 for individual filers and from $4,000 to $10,000 for married filing jointly, effective January 1, 2012.
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Increases the total combined annual contributions limit between employers and employees to medical savings accounts from $2,000 to $5,000 for individual filers and $4,000 to $10,000 for married filing jointly.
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Adds a new deduction for amounts contributed to health savings accounts up to $5,000 annually for individual filers and $10,000 annually for married filing jointly, if not previously deducted in arriving at taxable income.
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Declares an emergency and makes all changes retroactively applicable to January 1, 2012.
Legislative Description
Amends existing law to increase the amount that can be contributed to a medical savings account and health savings account and deducted for state income tax purposes.
MEDICAL SAVINGS ACCOUNTS
Last Action
to Loc Gov
3/12/2012