HB101 Alabama 2010 Session

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

Relating to medical savings accounts; to provide for the establishment of medical savings accounts; to impose limits on deductible amounts contributed to a medical savings account; to provide that interest earned on the medical savings account would be excluded from gross income; and to 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.