| SB 0617 | Creates a pharmaceutical tax credit for senior citizens and certain disabled veterans |
| Sponsor: | Bentley | |||
| LR Number: | S2663.01I | Fiscal Note: | 2663-01 | |
| Committee: | Ways and Means | |||
| Last Action: | 02/03/98 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1998 | |||
SB 617 - This act authorizes a state income tax credit for pharmaceutical costs paid by specified senior citizens and certain disabled veterans. The pharmaceutical tax credit for each taxpayer is to be equal to the total amount spent on purchasing prescription drugs in any calendar year less any reimbursement from other sources and less 1% of income. The pharmaceutical credit cannot exceed $750 per tax year.
The act will become effective January 1, 1999 and applies to
all tax years beginning after December 31, 1998.
RUSS HEMBREE