Sunday, September 7, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB213: Income tax, state; TRICARE physicians tax credit.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 3 of Chapter 3 of Title 58.1 a section numbered 58.1-339.12 as follows:
§ 58.1-339.12. TRICARE physicians tax credit.
A. 1. For taxable years beginning on or after January 1, 2008, any physician who enters into a contract for the first time on or after January 1, 2008, to provide health care services permitted under a TRICARE contract to patients enrolled in the TRICARE system shall be allowed a one-time credit in the amount of $2,500 against the tax levied pursuant to § 58.1-320.
2. Any physician who has a contract to provide health care services permitted under a TRICARE contract to patients enrolled in the TRICARE system and who has received the credit allowed in subdivision 1, shall be allowed an annual credit of $1,000 if the physician actively participates in the TRICARE system and provides health care services to a minimum of 100 TRICARE patients each year.
3. A physician may not receive the credits allowed in subdivisions 1 and 2 in the same tax year. The total credit allowed in any one year shall not exceed the taxpayer's income tax liability.
B. For purposes of this section:
"Physician" means an individual who is licensed by the Commonwealth in accordance with the provisions of Article 3 (§ 54.1-2929 et seq.) of Chapter 29 of Title 54.1 to practice medicine, osteopathy, chiropractic, or podiatry.
"TRICARE" means the U.S. Department of Defense military health care system.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.