Excluding from the computation of net income for purposes of the individual income tax the unreimbursed cost of prescribed drugs or insulin of certain taxpayers at least sixty-five years of age, and including applicability provisions

This bill excludes from the computation of net income for purposes of the individual income tax the unreimbursed cost of prescribed drugs or insulin of a taxpayer who is at least years of age. Under current law, any taxpayer may deduct from net income unreimbursed costs of prescribed drugs or insulin as an itemized deduction for state tax purposes, to the extent the taxpayer’s total medical and dental expenses exceed percent of federal adjusted gross income. Under the bill, a taxpayer who is at least years of age on December of any tax year beginning on or after January 1, 2022, may exclude from the computation of net income the cost of unreimbursed prescription drugs or insulin, if the taxpayer excludes any cost of unreimbursed prescription drugs or insulin from the medical care expense deduction under section 213 of the Internal Revenue Code for state tax purposes. The bill applies to tax years beginning on or after January 1, 2022, for prescribed drugs or insulin purchased on or after that date.