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Introduced Version House Bill 2275 History

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hb2275 intr
H. B. 2275


(By Delegate Spencer)
[Introduced February 11, 2005; referred to the
Committee on Finance.]




A BILL to amend the code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-12g, relating to providing state income tax exemption for first year businesses with at least one employee that have net income of less than fifty thousand dollars.

Be it enacted by the Legislature of West Virginia:
That the code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-21-12g,
to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
PART I. GENERAL.

§11-21-12g. First year income from new businesses making less than fifty thousand dollars exempt.

A new business in the first full taxable year that employs at least one employee and which has a net profit in the first full taxable year of less than fifty thousand dollars is exempt from the tax imposed by this article.

NOTE: The purpose of this bill is to provide a state income tax exemption for first year businesses with at least one employee that have net income of less than fifty thousand dollars.

This section[TYPE INFORMATION] is new; therefore, strike-throughs and underscoring have been omitted.
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