Senate Bill No. 425
(By Senators Sprouse and Minear)
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[Introduced February 4, 1999;
referred to the Committee on Finance.]
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A BILL to amend article fifteen-a, chapter thirty-three of the
code of West Virginia, one thousand nine hundred thirty-one,
as amended, by adding thereto a new section, designated
section two-a, relating to the long-term care insurance tax
credit act.
Be it enacted by the Legislature of West Virginia:
That article fifteen-a, chapter thirty-three of the code of
West Virginia, one thousand nine hundred thirty-one, as amended,
be amended by adding thereto a new section, designated section
two-a, to read as follows:
ARTICLE 15A. WEST VIRGINIA LONG-TERM CARE INSURANCE ACT.
§33-15A-2a. Tax credit for purchase of long-term care insurance.
A credit against the personal income tax imposed by the
provisions of article twenty-one, chapter eleven of this code is allowed for each taxpayer who purchases long-term care insurance,
as defined pursuant to this article, subject to the following
restrictions:
(a) The tax credit taken pursuant to this section may be
taken by the taxpayer one time only; and
(b) The tax credit taken pursuant to this section is limited
to two hundred fifty dollars per individual taxpayer.
NOTE: The purpose of this bill is to enact the "Long term
care insurance tax credit act." The bill allows a one-time $250
credit against personal income tax for each taxpayer who
purchases long-term care insurance.
This section is new; therefore, strike-throughs and
underscoring have been omitted.