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Committee hears concerns over large fiscal cost of proposed insurance savings accounts
Summary
Senate Bill 25 would create insurance savings accounts with tax benefits; the Department of Revenue estimated large revenue losses, and senators raised concerns the benefit could skew to higher-income taxpayers.
A Senate committee debated Senate Bill 25, which would create an “insurance savings account” program allowing individuals and corporations to deposit money into accounts for insurance-related expenses with accompanying tax additions and subtractions under the Kansas Income Tax Act.
Amelia summarized the proposal: the accounts could be established on or after Jan. 1, 2026; maximum annual contributions would be $6,000 for individuals, $12,000 for…
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