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Committee debates insurance savings account bill after large fiscal estimate; no vote taken
Summary
Senate Bill 25 would create insurance savings accounts with tax modifications and allow annual contribution limits; the Department of Revenue estimated large potential revenue losses, prompting senators to raise concerns about distributional effects and possible means-testing.
Amelia summarized Senate Bill 25 as legislation to enact an Insurance Savings Account Act permitting individuals and corporations to establish accounts with tax additions and subtractions under the Kansas income tax. The bill would allow accounts beginning Jan. 1, 2026, and set maximum annual contributions of $6,000 for individuals, $12,000 for married couples filing jointly and $25,000 for corporations, with tax treatment for excess…
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