H. B. 2783
(By Delegates Amores, Farris, Seacrist and Hunt)
[Introduced February 24, 1995; referred to the
Committee on Finance.]
A BILL to amend and reenact section eight, article twenty-one,
chapter eleven of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, relating to providing
for a tax credit for payments made on nursing home policies.
Be it enacted by the Legislature of West Virginia:
That section eight, article twenty-one, chapter eleven of
the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-8. Credits against tax.
(a)
Business and occupation tax credit. -- A credit shall be
allowed against the tax imposed by section three of this article equal to the amount of the liability of the taxpayer for the
taxable year for any tax imposed under article thirteen, chapter
eleven of this code:
Provided, That the amount of such business
and occupation tax credit shall not exceed the portion of the tax
imposed by this article which is attributable to the West
Virginia taxable income derived by the taxpayer for the taxable
year from the business or occupation with respect to which said
tax under article thirteen was imposed. In case the West
Virginia taxable income of a taxpayer includes income from a
partnership, estate, trust or a corporation electing to be taxed
under subchapter S of the Internal Revenue Code of
1954 1986, as
amended, a part of any tax liability of the partnership, estate,
trust or corporation under said article thirteen shall be allowed
to the taxpayer, in computing the credit provided for by this
section, in an amount proportionate to the income of such
partnership, estate, trust or corporation, which is included in
the taxpayer's West Virginia taxable income.
For purposes of this section, the tax imposed under article
thirteen, chapter eleven of this code shall be the amount of the
liability of the taxpayer for such tax under said article thirteen computed without reduction for the tax credit for
industrial expansion or revitalization allowed for
such the year.
(b) Severance tax credit.--On and after the first day of
July, one thousand nine hundred eighty-seven, a credit shall be
allowed against the tax imposed by section three of this article
equal to the amount of the liability of the taxpayer for the
taxable year for any tax imposed under article thirteen-a,
chapter eleven of this code: Provided, That the amount of such
severance tax credit shall not exceed the portion of the tax
imposed by this article which is attributable to the West
Virginia taxable income derived by the taxpayer for the taxable
year from the activities with respect to which said tax under
article thirteen-a was imposed. In case the West Virginia
taxable income of a taxpayer includes income from a partnership,
estate, trust or a corporation electing to be taxed under
subchapter S of the Internal Revenue Code of 1954, as amended, a
part of any tax liability of the partnership, estate, trust or
corporation under said article thirteen-a shall be allowed to the
taxpayer, in computing the credit provided for by this section,
in an amount proportionate to the income of such partnership, estate, trust or corporation, which is included in the taxpayer's
West Virginia taxable income.
(c) Expiration of credit.--The credit authorized in
subsection (b) of this section shall expire and not be authorized
or allowed for any taxable year beginning on or after the first
day of October, one thousand nine hundred ninety.
(b) A credit shall be allowed against the tax imposed by
section three of this article equal to the amount of the amount
paid by the taxpayer for the taxable year for any nursing home
insurance premiums.
NOTE: The purpose of this bill is to establish a tax credit
for payments made for nursing home policies.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
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