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KS HB2430
Bill
Status
1/12/2026
Primary Sponsor
Adam Smith
Click for details
AI Summary
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Creates insurance savings accounts effective January 1, 2027, allowing individuals and corporations to save for property and casualty insurance premiums and deductibles with tax benefits similar to health savings accounts
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Sets annual contribution limits of $6,000 for individuals, $12,000 for married couples filing jointly, and $25,000 for corporations, with contributions and earnings deductible from Kansas adjusted gross income
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Permits accounts to be held at any FDIC or NCUA-insured bank, trust company, savings and loan, or credit union authorized to do business in Kansas, with no requirement for financial institutions to track withdrawals or report to the state
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Requires recapture of tax benefits if funds are withdrawn for non-eligible purposes, with the withdrawn amount added back to Kansas taxable income in the year of withdrawal
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Grants the Commissioner of Insurance nonexclusive authority to market the program statewide and authorizes the Secretary of Revenue to adopt rules and establish reporting forms for account holders
Legislative Description
Enacting the insurance savings account act, allowing individuals and corporations to establish insurance savings accounts with certain financial institutions, providing eligible expenses, requirements and restrictions for such accounts and establishing addition and subtraction modifications under the Kansas income tax act.
Last Action
House Hearing: Monday, January 26, 2026, 3:30 PM Room 346-S
1/26/2026