LC 28 3192
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 8 of Title 33 of the Official Code of Georgia Annotated, relating
to fees and taxes regarding insurance, so as to provide for a state insurance
premium tax exemption for certain high deductible health plans sold or
maintained in connection with a health savings account; to amend Chapter 7 of
Title 48 of the Official Code of Georgia Annotated, relating to income taxes, so
as to provide that the taxable net income of any taxpayer of this state shall
not include premiums paid for high deductible health plans established and used
with a health savings account; to provide for conditions and limitations; to
provide for related matters; to provide an effective date; to provide for
applicability; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
8 of Title 33 of the Official Code of Georgia Annotated, relating to fees and
taxes regarding insurance, is amended by inserting a new subsection (c) in Code
Section 33-8-4, relating to amount and method of computing tax on insurance
premiums generally, to read as follows:
"(c)
Insurers may claim an exemption from otherwise applicable state premium taxes as
provided for in subsection (a) of this Code section in an amount equal to 2.25
percent of the premiums such insurers collect during the applicable tax year
from Georgia residents on premiums paid for high deductible health plans sold or
maintained in connection with a health savings account under the applicable
provisions of Section 223 of the Internal Revenue Code."
SECTION
2.
Chapter
7 of Title 48 of the Official Code of Georgia Annotated, relating to income
taxes, is amended by inserting a new paragraph (13.1) in subsection (a) of Code
Section 48-7-27, relating to computation of taxable net income, to read as
follows:
"(13.1)
An amount equal to 100 percent of the premium paid by the taxpayer during the
taxable year for high deductible health plans established and used with a health
savings account under the applicable provisions of Section 223 of the Internal
Revenue Code to the extent the deduction has not been included in federal
adjusted gross income, as defined under the Internal Revenue Code of 1986, and
the expenses have not been included in itemized nonbusiness deductions;
"
SECTION
3.
This
Act shall become effective on January 1, 2008, and shall be applicable to all
taxable years beginning on and after January 1, 2008.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.