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Committee Substitute House Bill 2825 History

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HOUSE COM SUB (1 LINE)
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.
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