The 2007-09 state budget created an individual income tax deduction for health insurance premiums paid by employees whose employer pays some portion of the employee’s health insurance costs. The deduction began phasing in during the 2008 tax year.
The 2009-11 state budget delayed the phase-in of the health insurance premium deduction by freezing the deductible expenses at 10% for 2009 and 2010 and increasing the percentage to 25% in 2011, 45% in 2012, and 100% in 2013 and following. The earlier budget anticipated full phase-in during 2011.
Aside from allowing the health insurance premium deduction to reach 100% in 2013, the 2013-15 state budget also excludes from this deduction any amounts paid with premium assistance credits authorized under the federal Affordable Care Act.
The health insurance premium deduction is anticipated to save taxpayers an additional $54 million in 2013-14 and $60 million in 2014-15.
WMC Serves Notice of Claim on Neenah
October 24, 2024
