ID H0544

Eliminates the $2,000 annual contribution limit for medical savings accounts for taxable years beginning on or after January 1, 2014, allowing unlimited contributions.

Requires both interest earned and all contributions to medical savings accounts to be deducted from taxable income if not previously deducted or excluded.

For taxable years before January 1, 2014, maintains the $2,000 annual limit on combined employer and employee contributions, with employers receiving a nonrefundable 7.4% tax credit.

Allows employers to establish or contribute to employee medical savings accounts, with contributions owned by the employee and the ability to carry forward excess credits for 15 years.

Declares an emergency and provides retroactive application to January 1, 2014.