Senate
House
Joint
Bill Status
WV Code
Audits/ Reports
Educational
Contact
home
home

Introduced Version House Bill 2645 History

DOWNLOAD  wpd  |  Email


hb2645 intr
H. B. 2645


(By Delegates Trump, Wakim, Border, Anderson,

Roberts, Carmichael and Stevens)

[Introduced February 24, 2005; referred to the

Committee on Finance.]




A BILL to

amend and reenact §11-24-4
of the Code of West Virginia, 1931, as amended, relating to the West Virginia corporate net income tax; reducing the rate of the corporate net income tax from nine percent to six percent by reducing the rate of tax by one half of one percent per year, commencing the first day of July, two thousand five.
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 of tax; 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.
(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 after that for four successive calendar years, the rate shall be reduced by fifteen one hundredths of one percent per year, with such the rate to be nine percent on and after the first day of July, one thousand nine hundred ninety-two. Beginning the first day of July, two thousand five, and on each first day of July after that for five successive years, the rate shall be reduced by fifty one hundredths 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 phase-in a reduction of the corporate net income tax rate from nine percent to six percent by reducing the rate by one-half percent per year, commencing July 1, 2005.

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

This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.  |  Terms of Use  |   Web Administrator   |   © 2014 West Virginia Legislature ***