Bill Text: NC S682 | 2011-2012 | Regular Session | Amended

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Bill Title: Tax Deduction for Sharing Health Care Costs

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2011-06-16 - Ref To Com On Finance [S682 Detail]

Download: North_Carolina-2011-S682-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2011

S                                                                                                                                                     1

SENATE BILL 682

 

 

Short Title:        Tax Deduction for Sharing Health Care Costs.		(Public)
Sponsors:	Senators Hunt;  Blake, Brock, Forrester, Hise, and Tillman.
Referred to:	Finance.

April 20, 2011

A BILL TO BE ENTITLED

AN ACT to grant an income tax deduction to individuals who pay the medical EXPENSES of other individuals through a health Care Sharing organization.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑134.6 reads as rewritten:

"§ 105‑134.6.  Adjustments to taxable income.

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(b)        Deductions. – The following deductions from taxable income shall be made in calculating North Carolina taxable income, to the extent each item is included in taxable income:

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(21)      Twenty percent (20%) of the amount paid by the taxpayer to another individual for the other individual's medical expenses, provided that the taxpayer made the payments as part of the taxpayer's and recipient's participation in a health care sharing organization. For purposes of this subdivision, a "health care sharing organization" means a nonprofit organization exempt from taxation under section 501(c) of the Code that acts as a clearinghouse by providing a health care cost‑sharing arrangement for those members who have medical expenses and those members who share the burden of such expenses through their monetary contributions.

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SECTION 2.  This act is effective for taxable years beginning on or after January 1, 2012.