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Introduced Version House Bill 2671 History

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H. B. 2671

 

         (By Delegates Duke and Overington)

         [Introduced January 20, 2011; referred to the

         Committee on Banking and Insurance then Finance.]

 

 

 

 

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 December 31, 2010. 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 three and one-forth percent against the net corporate income tax for qualified health insurance policies provided by corporate employers to employees. The tax credit would increase by one-forth percent yearly until reaching a maximum of six percent. 


    This section is new; therefore, it has been completely underscored.

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