Senate Bill No. 544
(By Senators Yoder and Sprouse)
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[Introduced February 9, 2006; referred to the Committee
on Banking and Insurance; and then to the Committee on Finance.]
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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 six. 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
3 1/4% against the net corporate income tax for qualified health
insurance policies provided by corporate employers to employees.
The tax credit would increase by 1/4% yearly until reaching a
maximum of 6%.
§11-24-12a is new; therefore, strike-throughs and underscoring
have been omitted.
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