31A-32a-103. Establishing medical care savings accounts. (1) For a taxable year beginning on or after January 1, 1995: (a) an employer, except as otherwise provided by contract or a collective bargaining agreement, may offer a medical care savings account program to the employer’s employees; or (b) a resident individual may establish a medical care savings […]
31A-32a-104. Administration of medical care savings account. (1) An account administrator shall administer the medical care savings account from which the payment of claims is made and has a fiduciary duty to the person for whose benefit the account administrator administers an account. (2) (a) Except as provided in Subsection 31A-32a-105(1), the account administrator shall […]
31A-32a-105. Withdrawals — Termination — Transfers. (1) Subject to Subsection (3), if the employee or account holder withdraws money for any purpose other than a medical expense at any time in which the balance in the account is below $4,000: (a) the amount of the withdrawal shall be added to adjusted gross income in accordance […]
Effective 1/1/2017 31A-32a-106. Regulation of account administrators — Administration of addition to adjusted gross income and tax credit — Rulemaking authority. (1) The department shall regulate account administrators and may adopt rules necessary to administer this chapter. (2) The State Tax Commission may adopt rules necessary to monitor and implement the amounts required to be […]
Effective 5/8/2018 31A-32a-107. Penalties for noncompliance with tax provisions. (1) An account administrator who fails to comply with a provision described in Subsection (2) is subject to: (a) the civil penalties provided in Section 59-1-401; and (b) interest at the rate and in the manner provided in Section 59-1-402. (2) The following provisions apply to […]
