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Introduced Version Senate Bill 201 History

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sb201 intr
Senate Bill No. 201

(By Senators Bailey, Foster, Sharpe and Minear)

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[Introduced February 16, 2005; referred to the Committee

on Banking and Insurance; and then to the Committee on Finance.]

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A BILL to amend and reenact §11-21-12c of the Code of West Virginia, 1931, as amended, relating to establishing a one hundred-dollar tax credit for long-term care insurance premiums; and establishing an itemized deduction for up to one thousand dollars for the rest of the premiums.

Be it enacted by the Legislature of West Virginia:
That §11-21-12c of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
PART I. GENERAL.

§11-21-12c. Deduction for long-term care insurance.
For taxable years beginning on and after the first day of January, two thousand, in addition to amounts authorized to be subtracted from federal adjusted gross income pursuant to subsection (c), section twelve of this article, the first one hundred dollars of any payment during the taxable year for premiums for a long-term care insurance policy as defined in section four, article fifteen-a, chapter thirty-three of this code that offers coverage to either the taxpayer, the taxpayer's spouse, parent or a dependent as defined in Section 152 of the Internal Revenue Code of 1986, as amended, is an authorized modification reducing federal adjusted gross income, but only to the extent the amount is not allowable as a deduction when arriving at the taxpayer's federal adjusted gross income for the taxable year in which the payment is made. an authorized tax credit, reducing the taxpayer's state income tax. The remaining amount of the premiums, up to one thousand dollars, may be treated as an itemized deduction from the taxpayer's taxable income.




NOTE:
The purpose of this bill is to establish a tax credit of up to one hundred dollars and an itemized deduction of up to one thousand dollars for premiums paid for long-term care insurance.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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