Bills › 89th General Assembly
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
Where it is now
- Done: IntroducedJanuary 25, 2022
- Done: SubcommitteeJanuary 27, 2022
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
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, 2023, 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.
Read the full explanation
The bill applies to tax years beginning on or after January 1, 2023, for prescribed drugs or insulin purchased on or after that date.
Senate subcommittee
Named January 27, 2022. It hasn’t reported yet.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Similar bills
- SF 121 Excluding from the computation of net income for purposes of the individual income tax the…89th General Assembly · In committeeNearly identical
Matched by wording or an identical title.