H. B. 4575
(By Delegates J. Miller, Lane, Romine, Ashley and Evans)
[Introduced February 15, 2008; referred to the
Committee on Banking and Insurance then Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-21-24, relating
to providing a deduction from personal income tax for amounts
paid for health insurance plans not backed by an employer or
the government.
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 §11-21-24, to read as
follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-24. Health insurance tax credit.
For the tax years beginning on or after the first day of
January, two thousand eight, a person filing a state income tax
return shall be entitled to deduct from their taxable income an amount of up to eight thousand dollars for a health insurance plan,
not backed by an employer or state or federal government, that
covers a person or a person's spouse, children, or other
dependents.
NOTE: The purpose of this bill is to provide a state tax
deduction for amounts paid for health insurance. The bill provides
up to an eight thousand dollar tax deduction from taxable income
for amounts paid for health insurance plans not backed by an
employer or state or federal government.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.