H. B. 3143


(By Delegates L. Smith, Harrison, Canterbury,
Ashley, Mathews and Armstead)
[Introduced March 30, 2001; referred to the
Committee on 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-h, relating to allowing a credit against personal income tax for seniors for out-of-pocket expenses incurred purchasing prescription drugs.

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- h, to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-8h. Credit for seniors' out-of-pocket prescription drug costs.

A credit against the tax imposed by the provisions of this article is allowed for a person over sixty years of age who incurs out-of-pocket expenses resulting from the purchase of prescription drugs.
The credit is equal to ten percent of the annual out-of-pocket expenses incurred, but may not exceed the taxpayer's total tax liability under the other provisions of this article.
The credit is effective for tax years beginning after the thirty-first day of December, two thousand.

NOTE: The purpose of this bill is to allow a 10% credit for seniors against personal income tax for out-of-pocket expenses incurred purchasing prescription drugs.

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