Bill Status of HB0024 102nd General Assembly
Short Description: HEALTH SAVINGS ACCOUNTS
Rep. Patricia R. Bellock - Sidney H. Mathias - John A. Fritchey - Sandra M. Pihos - Eileen Lyons, Patricia Reid Lindner, Jack D. Franks, Linda Chapa LaVia and Robert F. Flider
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Health Savings Account Act and amends the Illinois Income Tax Act. Provides that, beginning in taxable year 2005, a resident of Illinois or an employer may deposit contributions, subject to certain limitations, into a health savings account. Provides that the principal contributed to and the interest earned on a health savings account and money reimbursed to an eligible individual or an employee for qualified medical expenses is exempt from the Illinois income tax. Sets forth restriction on the use of funds held in a health savings account. Provides that an eligible individual may withdraw money from his or her health savings account for any purpose, but provides that certain withdrawals are not tax exempt. Repeals the Health Savings Account Act on June 30, 2015. Effective July 1, 2005.