SB 637
Establishing tax credit for certain physicians who locate to practice in WV
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill creates a tax credit for physicians who graduate from an accredited medical school and establish a new medical practice in West Virginia. To qualify, physicians must be licensed in West Virginia, have graduated within the past 12 months, and commit to practicing in the state for at least six years. The credit is equal to the physician’s personal taxable income, but can only be claimed for three consecutive years, and any unused portion is forfeited.
Key provisions
- Creates a tax credit for eligible physicians who establish a new medical practice in West Virginia.
- Eligible physicians must be licensed in West Virginia and graduate from an accredited medical school.
- The credit is equal to the physician’s personal taxable income.
- Physicians must remain in West Virginia and practice medicine for at least six years to avoid repayment of the credit.
- The credit can only be claimed for three consecutive years.
- The Tax Commissioner is authorized to create rules to administer the credit.
- Physicians must file specific schedules with their annual tax returns to claim the credit.
- Any charitable deductions that affect West Virginia taxable income must be added to the income before applying the credit.
Who is affected
- Physicians
- Medical professionals
- Taxpayers
- West Virginia residents
- Healthcare providers
Notable changes
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