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Introduced Version House Bill 2066 History

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hb2066 intr
H. B. 2066


(By Delegate Frederick)
[Introduced February 9, 2005; referred to the
Committee on Finance.]

FN


A BILL to amend and reenact §11-24-4 of the code of West Virginia, 1931, as amended, relating to reducing the corporation net income tax.

Be it enacted by the Legislature of West Virginia:
That §11-24-4
of the code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-4. Imposition of primary tax and rate thereof;
effective
and termination dates.

Primary tax.
(1) In the case of taxable periods beginning after the thirtieth day of June, one thousand nine hundred sixty-seven, and ending prior to the first day of January, one thousand nine hundred eighty-three, a tax is hereby imposed for each taxable year at the rate of six percent per annum on the West Virginia taxable income of every domestic or foreign corporation engaging in business in this state or deriving income from property, activity or other sources in this state, except corporations exempt under section five of this article.
(2) In the case of taxable periods beginning on or after the first day of January, one thousand nine hundred eighty-three, and ending prior to the first day of July, one thousand nine hundred eighty-seven, a tax is hereby imposed for each taxable year on the West Virginia taxable income of every domestic or foreign corporation engaging in business in this state or deriving income from property, activity or other sources in this state, except corporations exempt under section five of this article, and any banks, banking associations or corporations, trust companies, building and loan associations, and savings and loan associations, at the rates which follow:
(A) On taxable income not in excess of fifty thousand dollars, the rate of six percent; and
(B) On taxable income in excess of fifty thousand dollars, the rate of seven percent.
(3) In the case of taxable periods beginning on or after the first day of July, one thousand nine hundred eighty-seven, a tax is hereby imposed for each taxable year on the West Virginia taxable income of every domestic or foreign corporation engaging in business in this state or deriving income from property, activity or other sources in this state, except corporations exempt under section five of this article, at the rate of nine and three quarters percent. Beginning the first day of July, one thousand nine hundred eighty-eight, and on each first day of July thereafter for four successive calendar years, the rate shall be reduced by fifteen one hundredths of one percent per year, with such rate to be nine percent on and after the first day of July, one thousand nine hundred ninety-two.
(4) In the case of taxable periods beginning on or after the first day of July, two thousand five, a tax is hereby imposed for each taxable year on the West Virginia taxable income of every domestic or foreign corporation engaging in business in this state or deriving income from property, activity or other sources in this state, except corporations exempt under section five of this article, at the rate of nine percent. Beginning the first day of July, two thousand five, and on each first day of July thereafter for six successive calendar years, the rate shall be reduced by one half of one percent per year, with the rate to be six percent on and after the first day of July, two thousand ten.


NOTE: The purpose of this bill is to reduce the primary rate of tax on corporations 1/2% a year for 6 years so that the corporation net income tax rate will be 6% at the end of 6 years.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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