SB 0300 Health insurance deduction-state income tax
Committee:WAMELR 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
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Current Bill Summary

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.