State Senator Mary Lazich (R-New Berlin) represents parts of four counties: Milwaukee, Waukesha, Racine, and Walworth. Her Senate District 28 includes New Berlin, Franklin, Greendale, Hales Corners, Muskego, Waterford, Big Bend, the town of Vernon and parts of Greenfield, East Troy, and Mukwonago. Senator Lazich has been in the Legislature for more than a decade. She considers herself a tireless crusader for lower taxes, reduced spending and smaller government.
Yesterday, the state Senate and Assembly approved a bill allowing individuals to claim a tax exemption for contributions to Health Savings Accounts (HSAs). The bill, SS SB2, brings
According to the Legislative Reference Bureau, SB2 will allow an individual who makes contributions to an HSA to claim a tax exemption equal to 6.5 percent of the allowable amount that they claim as a federal deduction for HSA contributions. It would also allow that person to deduct 6.5 percent of the federal tax-exempt earnings related to an HSA.
This measure makes health insurance more affordable for employers and employees alike, particularly in small businesses. By offering this incentive, our state will no longer be at a HSA disadvantage attracting small business.
Further, HSAs incentivize individuals to pay greater attention to personal health. This promotes an emphasis on preventative care, lowering our states aggregate healthcare costs.
The bill now moves to Governor Walker’s desk for approval.