Budget & Taxes

The bill requires any 2 or more legislators who organize themselves according to a common interest, ideology, issue, identity, or for any other reason and who accept, receive, or expend money, other than their own private, personal money (legislative caucus) to deliver to the legislative council staff a quarterly report that lists all money that the legislative caucus received, accepted, or expended during the previous quarter. The legislative council staff is required to post each report received on a publicly accessible page on the website of the general assembly.     Each legislative caucus is required to provide the legislative council staff with accurate contact information for the caucus and shall promptly inform the legislative council staff of any changes to that contact information. A legislative caucus that does not receive, accept, or expend any money in a quarter shall file a no activity report as prescribed by the legislative council staff.(Note: This summary applies to this bill as introduced.)

The bill creates an income tax credit for a resident individual's contributions to a health savings account that supports a high deductible health plan, as defined pursuant to federal law (credit). The credit is an amount equal to 25% of the amount of the contribution, limited to:$500 for a single filer;$1,000 for joint filers; and$1,500 for contributions to a family health plan.The credit is available beginning January 1, 2027, through December 31, 2032.If the credit exceeds the income taxes due on the resident individual's income, the amount of the credit not used to offset income taxes is not carried forward as tax credits against the resident individual's subsequent years' income tax liability and is not refunded to the individual.(Note: This summary applies to this bill as introduced.)