SB 0728 Creates a tax credit for 10% of contributions to health reimbursement arrangements
LR Number:2725S.02C Fiscal Note:2725-02
Committee:Ways and Means
Last Action:05/14/04 - S Inf Calendar S Bills for Perfection Journal page:
Title:SCS SB 728
Effective Date:August 28, 2004
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Current Bill Summary

SCS/SB 728 - This act creates a tax credit of up to $2,000 for 10% of the contribution made by a small business to a health reimbursement arrangement. The health reimbursement arrangement must meet certain requirements which basically constitute a hybrid self-insurance plan with an umbrella. Certain farmers will qualify as eligible employees under the definitions provided by the act.

The credit can be carried forward for five years, and is not refundable or transferrable. The credits will be administered by the Department of Insurance and the Department of Revenue, jointly. In no fiscal year shall the credits issued exceed $5 million.

This act is identical to SCS/SB 26 (2003).