Sec. 1. 36 MRSA §5219-W is enacted to read:

§5219-W.__Health insurance premium credit

A taxpayer is allowed a credit against the taxes otherwise due under this Part equal to 30% of the total of all health insurance premiums paid by the taxpayer for the same taxable year.__The credit may not reduce the state income tax to less than zero.

SUMMARY

This bill creates an income tax credit equal to 30% of the health insurance premiums paid by the taxpayer for the same taxable year.