West Virginia Code 11-13T-4 – Amount of credit allowed
(a) Allowance. –-
Terms Used In West Virginia Code 11-13T-4
- Combined annual medical liability insurance premiums: means the sum of the actual amount of insurance premiums paid by or on behalf of the taxpayer during the taxable year for medical malpractice insurance coverage under a claims made malpractice insurance policy, plus the actual amount of insurance premiums paid by or on behalf of the taxpayer during the taxable year for tail insurance. See West Virginia Code 11-13T-2
- Eligible taxpayer: means any person subject to tax under section sixteen, article twenty-seven of this chapter or a physician who is a partner, member, shareholder or employee of an eligible taxpayer. See West Virginia Code 11-13T-2
- Eligible taxpayer organization: means a partnership, limited liability company, or corporation that is an eligible taxpayer. See West Virginia Code 11-13T-2
- Payor: means a natural person who is a partner, member, shareholder or owner, in whole or in part, of an eligible taxpayer organization and who pays medical malpractice insurance premiums or tail insurance premiums or both for or on behalf of the eligible taxpayer organization. See West Virginia Code 11-13T-2
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(1) The amount of annual credit allowable under this article to an eligible taxpayer shall be:
(A) Ten percent of the combined annual medical liability insurance premiums paid in excess of $30,000, or
(B) Twenty percent of combined annual medical liability insurance premiums paid in excess of $70,000.
(2) This credit may be taken for combined annual medical liability insurance premiums paid during any taxable year beginning on or after January 1, 2002, and ending on or before December 31, 2003.
(b) Exclusions. -– No credit shall be allowed for any combined annual medical liability insurance premiums, or part or component thereof, paid by or on behalf of an eligible taxpayer employed by this state, its agencies or subdivisions. No credit shall be allowed for any combined annual medical liability insurance premiums, or part or component thereof, paid by or on behalf of an eligible taxpayer or an eligible taxpayer organization or a payor pursuant to insurance coverage provided under article twelve, chapter twenty-nine of this code. No credit shall be allowed for any combined annual medical liability insurance premiums, or part or component thereof, paid before January 1, 2002, or paid after December 31, 2003.