Senate Bill No. 23
(By Senators Yoder, Sypolt, Prezioso, Stollings, Caruth, Unger,
Barnes, Hall, Sprouse, Guills and Sharpe)
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[Introduced January 10, 2007; referred to the Committee on Health
and Human Resources; 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 seven. 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.