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Introduced Version Senate Bill 245 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 245

(By Senators Yoder, Prezioso, Barnes, Bowman, Unger and Stollings)

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[Introduced January 17, 2008; referred to the Committee on Banking and Insurance; and then to the Committee on Finance.]

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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 the thirty-first day of December, two thousand eight. 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 3 1/4% against the net corporate income tax for qualified health insurance policies provided by corporate employers to employees. The tax credit would increase by 1/4% yearly until reaching a maximum of 6%.

This section is new; therefore, strike-throughs and underscoring have been omitted.
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