Introduced
by
To authorize a program that gives income tax breaks to an individual or household for depositing money in a “family savings account” held by a financial institution from which allowable expenses specified in the bill would be paid or reimbursed by an account administrator. Senate Bill 1248 grant an income tax credit equal to 75% of the amount deposited. This would essentially make tax deductible 75% of the amounts spent on the broad range of household expenses allowed by the bill. It does not appear to have a household income cap on taking advantage of this benefit. The eligible expenses extend to birth control, adoptions, certain home renovations and health insurance, but not tuition at a non-public K-12 school.
Referred to the Committee on Finance
