Sec. 10. 36 MRSA §5200-A, sub-§2, ¶J is enacted to read:

J.__The amount of contributions made by the taxpayer during the taxable year to individual medical savings accounts established on behalf of the taxpayer's employees pursuant to chapter 914 to the extent that the contributions are not deductible under the Code.

Sec. 11. 36 MRSA c. 914 is enacted to read:

CHAPTER 914

INDIVIDUAL MEDICAL SAVINGS ACCOUNT

§6601. Short title

This chapter may be known and cited as the "Individual Medical Savings Account Act."

§6602.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1. Account administrator.__"Account administrator" means any of the following entities:

A.__A financial institution authorized to do business in this State as defined in Title 9-B, section 131, subsection 17-A;

B.__An insurance company authorized to do business in this State pursuant to Title 24-A;

C.__A nonprofit hospital or medical service organization authorized to do business in this State pursuant to Title 24; or

D.__An employer, if the employer has a self-insured health plan that meets the requirements of the federal Employee Retirement Income Security Act of 1974, 29 United States Code, Sections 101 to 1461, as amended.

2.__Account holder.__"Account holder" means an individual on whose behalf an individual medical savings account is established.