Bill Title: Creates the Health Savings Account Act and amends the Illinois Income Tax Act. Provides that, beginning in taxable year 2010, 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 January 1, 2021. Effective July 1, 2009.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB4045 Detail]

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Bill Drafts

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Introduced	Not Avail	HTML/Text	Link	View

Amendments

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No bill amendments currently on file for Illinois HB4045

Supplemental Documents

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No supplemental documents for Illinois HB4045 currently on file.

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