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2024 SESSION

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HB 1160 Independent contractors; establishes portable benefit accounts and nonrefundable tax credit.

Introduced by: Phillip A. Scott | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Portable benefit accounts; tax credit. Authorizes a Virginia resident who has worked as an independent contractor to establish a portable benefit account. Under the bill, a portable benefit account offered through and administered by a bank, credit union, or other depository institution and distributions from the account may be used for the payment of various health-related costs. The bill establishes a nonrefundable tax credit for taxable years 2024 through 2028 for individuals who contribute to a portable benefit account.


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