By Wisconsin Ag Connection

Farm Bureau Backs Health Savings Account Tax Deduction

The Wisconsin Farm Bureau Federation is giving their blessing toward a bill that would give a state tax credit for individuals who make contributions to health savings accounts.  On Tuesday, the Joint Finance Committee voted 12-4 to provide the tax deduction.  The Farm Bureau said health savings accounts are especially useful for farmers who have high deductible health insurance policies and have to cover uncovered costs.

“Health savings accounts are just another tool for small businesses like farmers to get a tax benefit for putting money aside to cover out-of-pocket expenses,” said Sabrina Gentile, director of Governmental Relations with the Wisconsin Farm Bureau.

Under current federal law, individuals may make tax-deductible contributions to health savings accounts and withdraw the money tax-free when needed to cover routine and preventive medical care.

The bill would allow those contributing to health savings accounts to claim a 6.5 percent state tax deduction on what they contribute to the account.

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