|SB 0300||Health insurance deduction-state income tax|
|Last Action:||05/15/95 - S Calendar S Bills with H Amendments (HCS)|
|Effective Date:||January 1, 1996|
HCS/SB 300 - This act provides a state individual income tax deduction for 25% of the amount a self-employed individual pays for qualifying medical insurance premiums. The deduction shall be limited, when combined with the federal deduction, to 100% of the qualifying medical insurance premiums. If these combined deductions exceed 100% of the premiums, the state deduction shall be reduced so that the total of the deductions is no more than 100% of the premiums.
The dependency exemption is raised from $400 to $1,600 for
dependents over the age of 65.