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Introduced Version House Bill 2829 History

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Key: Green = existing Code. Red = new code to be enacted
H. B. 2829


(By Delegate Duke, Doyle, Overington, Tabb and Blair)
[Introduced January 9, 2008; referred to the
Committee on Banking and Finance then Finance.]




A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-24-12a, relating to providing a corporate tax credit for qualified health insurance policies provided by corporate employers to employees.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-24-12a, to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.

§11-24-12a. Credit for providing corporate employees a qualified health insurance policy.

(a) A corporation providing its employees a qualified health insurance policy shall receive a tax credit of three and one quarter percent against the net corporate income tax for taxable years beginning after the thirty-first day of December, two thousand seven. The credit shall increase by one-quarter of one percent each year thereafter until reaching a maximum of six percent. The Tax Commissioner shall propose rules for legislative approval in accordance with the provisions of article three, chapter twenty-nine-a of this code, defining a qualified health insurance policy.

NOTE: The purpose of this bill is to provide a tax credit of three one-forth percent against the net corporate income tax for qualified health insurance policies provided by corporate employers to employees. The tax credit would increase by one-forth percent yearly until reaching a maximum of six percent.

This section is new; therefore, strike-throughs and underscoring have been omitted.
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