Title: Tax Benefits for Health Savings Accounts
Signed by Governor Scott Walker
Title: Tax Benefits for Health Savings Accounts
Vote to pass a bill that creates a nonrefundable individual income tax credit for a health savings account that may be deducted from federal income taxes.
-Defines "claimant" as an individual who claims a deduction for a contribution to exempt earnings relating to a health savings account (Sec. 1). -Defines "deduction amount" as the allowable amount of a deduction claimed on a claimant's federal income tax return for a contribution to a health savings account (Sec. 1). -Authorizes an individual to claim a credit of 6.5 percent of the tax deductible amount contributed to a health savings account (Sec. 1). -Specifies that a non-resident or part-year resident of the state who is single or married but filing separately will multiply the eligible credit amount by a fraction of his or her Wisconsin gross income over his or her federal gross income (Sec. 1). -Specifies that a claimant who is or whose spouse is a non-resident or part-year resident of the state who is married and filing jointly will multiply the eligible credit amount by a fraction of their joint Wisconsin gross income over their federal joint gross income (Sec. 1). -This act is effective January 1, 2011 if it passes before July 31, 2011, and January 1, 2012 if it passes after July 31, 2011 (Sec. 4).
Title: Tax Benefits for Health Savings Accounts
Vote to pass a bill that creates a nonrefundable individual income tax credit for a health savings account that may be deducted from federal income taxes.
-Defines "claimant" as an individual who claims a deduction for a contribution to exempt earnings relating to a health savings account (Sec. 1). -Defines "deduction amount" as the allowable amount of a deduction claimed on a claimant's federal income tax return for a contribution to a health savings account (Sec. 1). -Authorizes an individual to claim a credit of 6.5 percent of the tax deductible amount contributed to a health savings account (Sec. 1). -Specifies that a non-resident or part-year resident of the state who is single or married but filing separately will multiply the eligible credit amount by a fraction of his or her Wisconsin gross income over his or her federal gross income (Sec. 1). -Specifies that a claimant who is or whose spouse is a non-resident or part-year resident of the state who is married and filing jointly will multiply the eligible credit amount by a fraction of their joint Wisconsin gross income over their federal joint gross income (Sec. 1). -This act is effective January 1, 2011 if it passes before July 31, 2011, and January 1, 2012 if it passes after July 31, 2011 (Sec. 4).
Title: Tax Benefits for Health Savings Accounts