ENROLLED
H. B. 4303
(By Delegate Michael)
[Passed March 11, 2000; in effect ninety days from passage.]
AN ACT to repeal section fourteen-b, article three, chapter
thirty-three of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to credits against
premium tax for investment in West Virginia securities.
Be it enacted by the Legislature of West Virginia:
§33-3-14b. Credits against premium tax for investment in West
Virginia securities.
If the annual statement of any insurance company covering a
calendar year shows it to have investments at the close of said
year in West Virginia securities, as hereinafter defined, of as
much as twenty-five percent of its admitted assets, it shall be
entitled to a credit against the premium tax levied by section
fourteen of this article and the premium tax levied by section
fourteen-a of this article in an amount equal to one hundred percent of such tax for such calendar year.
Provided, That the
insurance company employs less than twenty full-time employees, has
net written premiums of less than ten million dollars and provides
a minimum of fifty percent of its net written premiums to under-
served and high risk areas of West Virginia.
West Virginia securities, as used in this section, shall mean
real estate situate in this state; bonds or interest-bearing notes
or obligations of this state; bonds or interest-bearing notes or
obligations of any county, district, school district or independent
school district, municipality or any other political subdivision of
this state.
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