H. B. 4254
(By Delegates Reynolds and Rodighiero)
[Introduced February 1, 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 is eligible to receive a tax credit of up to
$2,000 per employee, per year, against the net corporate income tax for taxable years beginning after December 31, 2010. The maximum
yearly tax credit an eligible corporation may receive under this
subsection is $30,000. 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 corporate net
income tax credit of $2,000.00 per employee, per year, against the
net corporate income tax for qualified health insurance policies
provided by corporate employers to employees. The maximum yearly
tax credit for eligible corporations would total $30,000.00
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added