07 AM
37 0026
OUT
OF ORDER
The
Senate Insurance and Labor Committee offered the following
amendment:
Amend
HB 242 by inserting at the end of line 7 on page 1 the
following:
to provide for a taxpayer credit for qualified health insurance expenses; to provide for conditions and limitations;
to provide for a taxpayer credit for qualified health insurance expenses; to provide for conditions and limitations;
By
inserting between lines 6 and 7 on page 2 the following:
SECTION
3.
Said
chapter is further amended by adding a new Code section to read as
follows:
"48-7-29.12.
(a)
As used in this Code section, the term:
(1)
'Qualified health insurance expense' means the expenditure of funds for health
insurance premiums for high deductible health plans that include, at a minimum,
catastrophic health care coverage, which are established and used with a health
savings account under the applicable provisions of Section 223 of the Internal
Revenue Code.
(2)
'Taxpayer' means an employee who is employed directly or a person who is paid
compensation which is reported on Form 1099 at a business where 25 or fewer
persons are employed or compensated by the employer.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 for qualified health insurance expenses in an amount not to exceed the
actual amount expended or $250.00, whichever is less, if such health insurance
is made available to all of the employees and compensated individuals of the
employer.
(c)
In no event shall the total amount of the tax credit under this Code section for
a taxable year exceed the taxpayer´s income tax liability. Any unused tax
credit shall be allowed the taxpayer against succeeding years´ tax
liability. No such credit shall be allowed the taxpayer against prior
years´ tax liability.
(d)
The commissioner shall be authorized to promulgate any rules and regulations
necessary to implement and administer the provisions of this Code
section."
By
redesignating Section 3 as Section 4 and Section 4 as Section
5.