H. B. 4270

(By Delegates Damron, Hunt, Stalnaker,

Stemple, Kominar, Collins and Yeager)

[Introduced February 5, 1998; referred to the
Committee on Banking and Insurance then Finance.]

A Bill to amend article twenty-one, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section eight-g, relating to credit against personal income tax for long-term health care insurance premiums.
Be it enacted by the Legislature of West Virginia:
That article twenty-one, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section eight-g, to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-8g. Credit for long-term health care insurance premiums.
A credit against the tax imposed by the provisions of this article is allowed as follows:
Insurance premiums for those policies covering persons against the cost of long-term medical and other health-related care in the event of a catastrophic illness.
The credit is equal to ten percent of the annual premium cost.

NOTE: The purpose of this bill is to allow a ten-percent credit against personal income tax for the annual amount paid for long-term health insurance premiums.

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