Text: HSB00139 Text: HSB00141 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code 1995, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 32. Subtract an amount paid by the
1 4 taxpayer for medical and health care insurance or coverage for
1 5 the taxpayer, the taxpayer's spouse, or the taxpayer's
1 6 dependent.
1 7 Sec. 2. Section 422.9, subsection 2, Code 1995, is amended
1 8 by adding the following new paragraph:
1 9 NEW PARAGRAPH. i. If the taxpayer has a deduction for
1 10 medical care expenses under section 213 of the Internal
1 11 Revenue Code, the taxpayer shall recompute for the purposes of
1 12 this subsection the amount of the deduction under section 213
1 13 by excluding from medical care, as defined in section 213, the
1 14 amount subtracted under section 422.7, subsection 32.
1 15 Sec. 3. EFFECTIVE AND RETROACTIVE APPLICABILITY DATES.
1 16 This Act, being deemed of immediate importance, takes effect
1 17 upon enactment and applies retroactively to January 1, 1995,
1 18 for tax years beginning on or after that date.
1 19 EXPLANATION
1 20 This bill allows for an amount paid by taxpayers for
1 21 medical and health care insurance or coverage for the
1 22 taxpayer, spouse, or dependent to be subtracted in computing
1 23 net income for state individual income tax. This bill also
1 24 provides that the amount of the state medical and health
1 25 expense premium deduction allowed is not to be used in
1 26 computing the federal medical itemized deduction for state tax
1 27 purposes.
1 28 The bill is effective upon enactment and is retroactively
1 29 applicable to January 1, 1995, for tax years beginning on or
1 30 after that date.
1 31 LSB 1503YC 76
1 32 mg/sc/14
Text: HSB00139 Text: HSB00141 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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