*Editor’s note: This information was published in the August 2023 issue of Heartfelt Magazine, CHM’s monthly magazine that provides CHM membership-related tips and tricks, testimonies from CHM members, and more. Please refer to the CHM Guidelines and applicable web pages for the most up-to-date information regarding CHM membership, sharing eligibility, and ministry news.*
On May 4th, Indiana Gov. Eric Holcomb signed Indiana Senate Bill (SB) 419, a new tax package, into law. Beginning with the 2023 tax year, membership dues contributed to a health cost sharing ministry (such as CHM) are now deductible from the contributor’s adjusted gross income for state tax purposes.
SB 419 changes the tax benefit rules to the advantage of CHM members located in the state.
This is great news, as it’s a tax break that benefits CHM’s Indiana members. Now, as you bear each other’s burdens by sharing for eligible medical bills, you also save on taxes.
It’s important to note that this change only applies to Indiana CHM members. A tax letter will also be sent out at the end of the year.