Section 40-18-313 – Promulgation of Rules.
Section 40-18-313 Promulgation of rules. The Department of Revenue may promulgate rules necessary to implement and administer this article. (Act 2012-413, p. 1123, §4.)
Section 40-18-310 – Definitions.
Section 40-18-310 Definitions. As used in this article, the following terms shall have the following meanings: (1) CATASTROPHE SAVINGS ACCOUNT. A regular savings account or money market account established by an insurance policyholder who is a state income taxpayer for residential property in this state to cover an insurance deductible under an insurance policy for […]
Section 40-18-311 – Income Tax Deduction; Contributions to Catastrophe Savings Account.
Section 40-18-311 Income tax deduction; contributions to catastrophe savings account. (a) An individual taxpayer is allowed a deduction against income earned for state income tax purposes imposed pursuant to Section 40-18-5, for amounts contributed to a catastrophe savings account in accordance with subsection (c) and all interest income earned by a catastrophe savings account is […]
Section 40-18-312 – Distributions From Catastrophe Savings Account; Additional Tax.
Section 40-18-312 Distributions from catastrophe savings account; additional tax. (a) A distribution from a catastrophe savings account must be included in the income of the taxpayer unless the amount of the distribution is used to cover qualified catastrophe expenses. (b) No amount is included in income, pursuant to subsection (a), if the qualified catastrophe expenses […]