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ID H0595
Bill
Status
3/28/2014
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Increases the annual contribution limit to medical savings accounts from $2,000 to $10,000 for taxable years beginning on or after January 1, 2014.
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Expands deductible contributions to include both interest earned and all contributions to medical savings accounts, previously limited only to contributions not exceeding the deductible amount.
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Modifies employer-employee contribution rules so combined annual contributions by employer and account holder shall not exceed $2,000 for taxable years beginning before January 1, 2014, with new limits applying after that date.
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Declares an emergency clause making the act effective immediately upon passage and approval, with retroactive application to January 1, 2014.
Legislative Description
Amends existing law to revise provisions regarding taxation and contributions to medical savings accounts for state income tax purposes.
INCOME TAXES
Last Action
Reported Signed by Governor on March 28, 2014 Session Law Chapter 327 Effective: 01/01/2014
3/28/2014