As used in this article, the following terms shall have the meanings as defined in this section: “Catastrophe savings account” means a regular savings account or money market account established by an insurance policyholder who is a state income taxpayer (i) to pay an insurance deductible under an insurance policy that covers the taxpayer’s legal […]
Except as otherwise provided in Section 27-7-1005, the amounts contributed to a catastrophe savings account in accordance with subsection (3) of this section, interest income earned on a catastrophe savings account, and distributions from a catastrophe savings account shall be excluded from the taxable gross income of the account holder under Section 27-7-15. A catastrophe […]
A distribution from a catastrophe savings account shall be included in the taxable gross income of the taxpayer unless the amount of the distribution is used to pay qualified catastrophe expenses. No amount of a distribution shall be included in the taxable gross income of the taxpayer if the qualified catastrophe expenses of the taxpayer […]
The Commissioner of Revenue may promulgate rules and regulations necessary to implement and administer this article.
