A. When any contractor or subcontractor in the letting of any contract for the construction of a public work offers health insurance coverage as provided for in this Section, he shall be eligible for a three percent income tax credit on forty percent of the amount of the contract received in a tax year if eighty-five percent of the full-time employees of each contractor are offered health insurance coverage and each such general contractor or subcontractor pays seventy-five percent of the total premium for such health insurance coverage for each full-time employee who chooses to participate and pays not less than fifty percent of the total premium for health insurance coverage for each dependent of the full-time employee who elects to participate in dependent coverage.

            B. For the purposes of this Section, a full-time employee shall be one that is scheduled to work a minimum of thirty-five hours per week and who earns from the general contractor or subcontractor less than forty thousand dollars annually.

            C.(1) The credit shall be allowed against the income tax for the period in which the credit is earned.

            (2) A credit shall not be allowed to a general contractor for any contract amounts received that are paid to a subcontractor eligible for a credit on such amount.

            (3) The credit shall not exceed two million one hundred sixty thousand dollars per year.

            Acts 2005, No. 504, §1, eff. July 12, 2005, applicable to tax years beginning on and after Jan. 1, 2005, but before Jan. 1, 2008; Acts 2015, No. 125, §2, eff. July 1, 2015; Acts 2016, 1^st Ex. Sess., No. 29, §2; Acts 2017, No. 400, §§2, and 4, eff. June 26, 2017.