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2014 SESSION

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HB 314 Income tax, state; insurance premiums.

Introduced by: Kaye Kory | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual income tax deduction; insurance premiums. Eliminates the requirements of at least $20,000 in earned income and no more than $30,000 in federal adjusted gross income in order for individuals age 66 or older to deduct prepaid funeral, medical, and dental insurance premiums in computing Virginia individual income taxes. The General Assembly enacted legislation in 2013 allowing individuals age 66 or older with at least $20,000 in earned income and not more than $30,000 in federal adjusted gross income to deduct such premiums. The bill is effective January 1, 2014.


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