Personal income taxes: credits: health care coverage.

The Personal Income Tax Law allow various credits against the taxes imposed by that law. This bill, for taxable years beginning on or after January 1, 2014, and before January 1, ____, would allow a credit equal to the difference between the annual premium amount paid or incurred during the taxable year for an individual health care service plan contract or individual policy of health insurance and the annual premium amount paid or incurred prior to March 31, 2014, for such an individual plan contract or policy by a qualified taxpayer, which is defined as an individual whose individual plan contract or policy was canceled between during a specified time period, and who purchased a new individual plan contract or policy and paid or incurred an annual premium amount that exceeded the annual premium amount paid or incurred prior to the cancellation of his or her individual plan contract or policy. This bill would take effect immediately as a tax levy.