Text: SF00303 Text: SF00305 Text: SF00300 - SF00399 Text: SF 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, to the extent included, the
1 4 amount of contributions made on behalf of the taxpayer to a
1 5 medical care savings account and interest earned on moneys in
1 6 the account if not otherwise withdrawn.
1 7 Sec. 2. MEDICAL CARE SAVINGS ACCOUNT CONTRIBUTIONS &endash; CON-
1 8 TINGENT EFFECT. Section 1 of this Act, which amends section
1 9 422.7 by adding a new subsection 32, is effective upon the
1 10 enactment of a federal individual income tax provision
1 11 authorizing the deduction or exclusion in computing federal
1 12 adjusted gross income of contributions made on behalf of the
1 13 taxpayer to a medical care savings account. Section 1 of this
1 14 Act applies to tax years designated in the federal enactment
1 15 related to contributions to a medical care savings account.
1 16 Sec. 3. NOTICE OF EFFECTIVENESS. The director of revenue
1 17 and finance shall notify the governor, the chairpersons and
1 18 ranking members of the senate and house committees on ways and
1 19 means, the Iowa Code editor, and the legislative fiscal bureau
1 20 when section 1, which amends section 422.7, of this Act
1 21 becomes effective.
1 22 EXPLANATION
1 23 Section 422.7 is amended to allow a deduction for amounts
1 24 of contributions to a medical care savings account. In
1 25 addition, the bill allows a deduction from adjusted gross
1 26 income for the interest earned on a medical care savings
1 27 account to the extent not withdrawn.
1 28 The bill provides that the tax deduction established in
1 29 chapter 422 is effective on the date that similar federal
1 30 legislation is enacted for the tax years and made effective
1 31 for federal individual income tax purposes.
1 32 LSB 1422XS 76
1 33 mj/jw/5.2
Text: SF00303 Text: SF00305 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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