Legislation to allow qualifying patients and designated caregivers to purchase medical marijuana using a flexible spending account (FSA) or a health savings account (HSA) has been filed in the Arkansas Legislature.
(Photo credit: IStockphoto).
House Bill 1408 was filed today by State Representatives Aaron Pilkington (R) and Joshua Bryant (R). The measure would amend state law to explicitly permit the use of these accounts for medical marijuana purchases under the Arkansas Medical Marijuana Amendment of 2016 (Amendment 98).
The bill defines an FSA as a medical expense account established within an employer-sponsored cafeteria plan and an HSA as a tax-advantaged account linked to a high-deductible health plan, consistent with federal tax law.
If passed, the legislation could expand financial options for medical marijuana patients in Arkansas, but it remains unclear how it would interact with federal regulations. The Internal Revenue Service (IRS) does not currently classify medical marijuana as an eligible medical expense, which could create potential legal and tax implications for account holders.
House Bill 1408 is expected to receive committee assignment soon.
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