|HB 0401||Relating to Tax Credits for Purchase of Prescription Drugs|
|Sponsor:||REYNOLDS||Handling House Bill:|
|Last Action:||02/02/95 - Referred H Ways and Means Committee|
HB0401 Reynolds, David L.
P R E F I L E D
HB 401 -- State Income Tax
The bill authorizes a non-refundable state individual income tax credit for the amount spent during the tax year on prescription drugs by certain taxpayers. The credit will be allowed to taxpayers who are at least 65 years of age and who have an adjusted gross income of less than $20,000.
The bill will become effective January 1, 1996, and applies to all tax years beginning after December 31, 1995.