|SB 0720||Allows a tax deduction for those who contribute to medical savings accounts|
|LR Number:||2989S.01I||Fiscal Note:||2989-01|
|Committee:||Ways and Means|
|Last Action:||01/13/04 - Hearing Cancelled S Ways and Means Committee||Journal page:|
|Effective Date:||August 28, 2004|
SB 720 - This act allows a tax deduction to those who contribute to medical savings accounts. It provides that any person who is not eligible for a federal tax deduction for contributions made to medical savings accounts will also be allowed a state tax deduction. Eligible persons, however, may not take both a federal and a state tax deduction for such contributions. The maximum deduction allowed is $2,000 per individual and $5,000 per household and there is no limit on the number of participating policies in Missouri. The Department of Revenue will administer the program.
This act is similar to SCS SB 19 (2003).