COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 527
(By Senators Deem, Yoder and Guills)
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[Originating in the Committee on Health and Human Resources;
reported February 23, 2007.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-21-12h, relating
to allowing a federal adjusted gross income deduction for the
amount spent on health insurance; and defining terms.
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 §11-21-12h, to read as
follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-12h.
Additional modification reducing federal adjusted
gross income; health insurance.
For taxable years beginning after the thirty-first day of
December, two thousand-seven, in addition to amounts authorized to
be subtracted from federal adjusted gross income pursuant to
subsection (c), section twelve of this article, there shall be an
authorized allowable federal adjusted gross income deduction of up to fifteen thousand dollars for the amount spent on health
insurance. For purposes of this section, health insurance shall
include any amount paid for health insurance including, but not
limited to, premiums, co-payments and deductibles. The provisions
of this section are applicable to any insurance product regulated
by the insurance commission pursuant to the provisions of chapter
thirty of this code and the to Public Employees Insurance Agency
established in article sixteen of chapter five of this code.
NOTE: The purpose of this bill is to allow a federal adjusted
gross income deduction of up to 15,000 for the amount spent on
health insurance.
§11-21-12h is new; therefore, strike-throughs and underscoring
have been omitted.
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