COMMITTEE SUBSTITUTE
FOR
H. B. 2825
(By Mr. Speaker, Mr. Kiss)
(Originating in the Committee on Finance)
[March 24, 2005]
A BILL to amend and reenact §11-13T-4 of the Code of West Virginia,
1931, as amended, relating to continuing the tax credit
provided under article three-t, chapter eleven of this code
for physicians who practice obstetrics and gynecology.
Be it enacted by the Legislature of West Virginia:
That §11-13T-4 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 13T. TAX CREDIT FOR COMBINED CLAIMS MADE MEDICAL
MALPRACTICE PREMIUMS AND MEDICAL MALPRACTICE
LIABILITY TAIL INSURANCE PREMIUMS PAID.
§11-13T-4. Amount of credit allowed.
(a)
Allowance. --
(1) The amount of annual credit allowable under this article
to an eligible taxpayer shall be:
(A) Ten percent of the combined annual medical liability
insurance premiums paid in excess of thirty thousand dollars, or
(B) Twenty percent of combined annual medical liability
insurance premiums paid in excess of seventy thousand dollars.
(2) This credit may be taken for combined annual medical
liability insurance premiums paid during any taxable year beginning
on or after the first day of January, two thousand two, and ending
on or before the thirty-first day of December, two thousand three.
(b)
Exclusions. -- No credit shall be allowed for any combined
annual medical liability insurance premiums, or part or component
thereof, paid by or on behalf of an eligible taxpayer employed by
this state, its agencies or subdivisions. No credit shall be
allowed for any combined annual medical liability insurance
premiums, or part or component thereof, paid by or on behalf of an
eligible taxpayer or an eligible taxpayer organization or a payor
pursuant to insurance coverage provided under article twelve,
chapter twenty-nine of this code. No credit shall be allowed for
any combined annual medical liability insurance premiums, or part
or component thereof, paid before the first day of January, two
thousand two, or paid after the thirty-first day of December, two
thousand three:
Provided, That the credit provided under this
article continues to apply to duly licensed physicians practicing
in the area of obstetrics and gynecology in tax years subsequent to
two thousand three and ending on or before the thirty-first day of
December, two thousand seven.