Bill
A 2033
Overview: Bill A 2033, "Establishes a deferred compensation health insurance premium deduction", was REFERRED TO WAYS AND MEANS on January 14, 2025. This bill aims to provide a tax
Overview: Bill A 2033, "Establishes a deferred compensation health insurance premium deduction", was REFERRED TO WAYS AND MEANS on January 14, 2025. This bill aims to provide a tax deduction for health insurance premiums paid through deferred compensation plans.
Purpose and Intent: The purpose of this bill is to encourage individuals to participate in deferred compensation plans by allowing them to deduct the cost of their health insurance premiums from their taxable income. This would provide a financial incentive for workers to save for their future healthcare needs.
Key Provisions:
- Establishes a deduction for health insurance premiums paid through deferred compensation plans
- Allows the deduction to be claimed on an individual's state income tax return
- Applies to both public and private sector deferred compensation plans
Affected Parties and Impacts: This bill would primarily benefit individuals who participate in deferred compensation plans and pay for their health insurance premiums through those plans. It could incentivize more workers to enroll in deferred compensation programs.
Procedural and Timeline Considerations: The bill has been REFERRED TO WAYS AND MEANS, the committee responsible for considering tax-related legislation, for further review and potential action.
Compiled from official sources — confirm details with the bill’s official record.
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