ENROLLED

H. B. 4303


(By Delegate Michael)

[Passed March 11, 2000; in effect ninety days from passage.]





AN ACT to repeal section fourteen-b, article three, chapter thirty-three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to credits against premium tax for investment in West Virginia securities.

Be it enacted by the Legislature of West Virginia:
§33-3-14b. Credits against premium tax for investment in West Virginia securities.
If the annual statement of any insurance company covering a calendar year shows it to have investments at the close of said year in West Virginia securities, as hereinafter defined, of as much as twenty-five percent of its admitted assets, it shall be entitled to a credit against the premium tax levied by section fourteen of this article and the premium tax levied by section fourteen-a of this article in an amount equal to one hundred percent of such tax for such calendar year. Provided, That the insurance company employs less than twenty full-time employees, has net written premiums of less than ten million dollars and provides a minimum of fifty percent of its net written premiums to under- served and high risk areas of West Virginia.
West Virginia securities, as used in this section, shall mean real estate situate in this state; bonds or interest-bearing notes or obligations of this state; bonds or interest-bearing notes or obligations of any county, district, school district or independent school district, municipality or any other political subdivision of this state.