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Senate approves two-year tax credit to encourage ICRA adoption for small employers
Summary
The Senate passed a two-year income tax credit for employers that adopt individual-coverage HRAs (ICRAs), offering up to $400 per covered employee in year one and $200 in year two and limiting statewide credits to $1 million; sponsors said maintenance-of-effort rules protect against employers cutting benefits to claim credits.
The Mississippi Senate approved a two-year tax incentive aimed at encouraging small and mid-size employers to adopt individual-coverage health reimbursement arrangements (ICRAs).
Senator Boyd, who explained the measure, said ICRAs allow employers to reimburse employees for individual-market premiums and medical expenses instead of offering a traditional group plan. "ICRAs were created by federal rule in 2020 to…
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