Insurance Savings Account Act allows individuals and corporations to establish accounts for eligible insurance expenses.
The Insurance Savings Account Act allows individuals and corporations to establish accounts with financial institutions for eligible insurance expenses. Contributions are limited to $6,000 for individuals and $12,000 for married couples filing jointly. The accounts can be used for premiums paid to insurance companies. Financial institutions are not required to track account use or report to the Department of Revenue. The Secretary of Revenue can establish forms for account holders to report information annually. The Commissioner of Insurance may market the program.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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