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.