Legislation to Provide a Tax Deduction for Medical Expenses Passes House Floor Unanimously
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Legislation To Provide A Tax Deduction For Medical Expenses Passes House Floor
Unanimously
Santa Fe, NM – The House passed legislation to create an income tax deduction for a portion of
unreimbursed medical expenses on Monday by a unanimous 57-0 vote. Rep. Terry McMillan is
the sponsor of the legislation (HB 351).
“This legislation provides relief from the increasing costs of medical care,” McMillan said. “It is
important that we provide assistance to those of lower incomes because they often suffer from to
higher medical costs.”
Under the legislation, several medical expenses would be covered, including prescription drugs.
The deduction would be applicable if the medical expenses are not reimbursed or compensated
by insurance, or have not been included as part of the taxpayer’s itemized deductions.
The deductions are determined based on incomes for individuals or married couples filing
separately: less than $15,000 a year allows for a 25 percent reduction, $15,000 to $30,000 allows
for a 15 percent reduction, and income over $30,000 allows for a 10 percent reduction in medical
costs. This bill will now go onto the New Mexico State Senate for consideration.
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Unanimously
Santa Fe, NM – The House passed legislation to create an income tax deduction for a portion of
unreimbursed medical expenses on Monday by a unanimous 57-0 vote. Rep. Terry McMillan is
the sponsor of the legislation (HB 351).
“This legislation provides relief from the increasing costs of medical care,” McMillan said. “It is
important that we provide assistance to those of lower incomes because they often suffer from to
higher medical costs.”
Under the legislation, several medical expenses would be covered, including prescription drugs.
The deduction would be applicable if the medical expenses are not reimbursed or compensated
by insurance, or have not been included as part of the taxpayer’s itemized deductions.
The deductions are determined based on incomes for individuals or married couples filing
separately: less than $15,000 a year allows for a 25 percent reduction, $15,000 to $30,000 allows
for a 15 percent reduction, and income over $30,000 allows for a 10 percent reduction in medical
costs. This bill will now go onto the New Mexico State Senate for consideration.
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