TAX/INCOME TAX: Establishes an individual income tax deduction for contributions made into certain deductible savings accounts (EG DECREASE GF RV See Note)

HB 127 establishes a state individual income tax deduction for contributions made by resident homeowners into special "deductible savings accounts." These accounts are designed to help taxpayers cover their homeowner's insurance policy deductibles and expenses for fortifying their roofs or supplementing additional living expense coverage. Homeowners can deduct contributions up to a limit based on their insurance deductible, with a maximum deduction of $25,000. Funds withdrawn for purposes other than these qualified expenses or deductibles will be subject to state income tax.