H. B. 2576
(By Delegates Duke, Doyle, Overington,
and Blair)
[Introduced January 13, 2010; referred to the
Committee on Banking and Insurance then Finance.]
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 December 31, 2009. 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
three one-forth percent against the net corporate income tax for
qualified health insurance policies provided by corporate employers
to employees. The tax credit would increase by one-forth percent
yearly until reaching a maximum of six percent.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.