| SB 0300 | Health insurance deduction-state income tax |
| Sponsor: | MATHEWSON | ||
| Committee: | WAME | LR Number: | L1257.04C |
| Last Action: | 05/15/95 - S Calendar S Bills with H Amendments (HCS) | ||
| Title: | HCS/SB 300 | ||
| 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.
TOM CRAWFORD