H. B. 4595
(By Delegates Reynolds, Stephens, Boggs,
Rodighiero, Perdue, Craig and Walters)
[Introduced February 18, 2008; 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 is eligible to receive a tax credit of up to two
thousand dollars per employee, per year, against the net corporate income tax for taxable years beginning after the thirty-first day
of December, two thousand eight. The maximum yearly tax credit an
eligible corporation may receive under this subsection is thirty
thousand dollars. 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 corporate net
income tax credit of $2,000 per employee, per year, against the net
corporate income tax for qualified health insurance policies
provided by corporate employers to employees. The maximum yearly
tax credit for eligible corporations would total $30,000.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.