Chamber board members Dan Bork, Vice President of Tax for Lexmark International Inc., and John Chilton, Partner at Mountjoy Chilton Medley LLP, appeared alongside Representative Arnold Simpson as he presented HB 255 to the House Appropriations & Revenue Committee today. The bill would allow a state tax exclusion for health insurance premiums, most notably for adult children under the age of 27, that are deductible pursuant to the federal health care law. The Chamber supports this bill as it serves to alleviate an administrative burden for employers by bringing Kentucky’s tax code in line with the federal tax code under the new health care law.
“This tax exclusion is critical because it keeps the health care benefit free of federal tax to the employee, just as all other employer provided health care benefits are tax free,” said Bork. “This is a common-sense piece of legislation that I’m proud to stand next to the Chamber on.”
HB 255 passed the committee today and now heads to the full House