HB101 Alabama 2010 Session

Summary

Primary Sponsor

Gregory Canfield

Republican

Co-Sponsors

Mike BallPaul DeMarcoJack WilliamsDickie DrakeAllen Treadaway

Session

Regular Session 2010

Title

Medical savings accounts, established, limits on deductible amounts contributed, interest excluded from gross income, use of funds, withdrawals, distribution upon death of account holder, Medical Savings Account Act

Description

Existing law recognizes only certain federal exclusions from income and does not provide tax relief for medical savings accounts.

This bill would provide for the establishment of a medical savings account.

This bill would impose limits on deductible amounts contributed to a medical savings account.

This bill would provide that interest earned on the medical savings account would be excluded from gross income.

This bill would provide for the use of the funds in the medical savings account, the distribution of funds in account upon death of account holder, and the withdrawals from the medical savings account by the account holder.

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Subjects

Medical Savings Accounts