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Introduced Version House Bill 3030 History

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Key: Green = existing Code. Red = new code to be enacted
H. B. 3030


(By Delegates Guthrie, Burdiss and Kessler)
[Introduced January 9, 2008; referred to the
Committee on Finance.]




A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §11-22A-1, relating to the imposition of a tax on corporations for the transfer of corporate real estate or equipment within five years of commencing operations in this state; and, additionally, imposing the tax on corporations who reassign equipment to operations outside the United States.

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 article, designated §11-22A-1, to read as follows:
ARTICLE 22A. EXCISE TAX ON CORPORATIONS TRANSFERRING REAL PROPERTY AND EQUIPMENT.
§11-22A-1. Rate of tax; when and by whom payable; additional county tax.

Effective on the first day of January, two thousand eight, and every year thereafter,
in addition to the tax imposed under the provisions of article twenty-two, chapter eleven of this code, there is hereby imposed upon every corporation that, within five years of commencing operations in this state, transfers real estate or equipment to another corporation, person or entity, a transfer tax upon the privilege of transferring title to the real estate or equipment at the rate of one dollar for each ten dollars' value of the real estate or equipment so transferred. This state tax shall be payable at the time of transfer of the title to the real estate or equipment and shall be collected by the county clerk of the county wherein the transfer takes place. This tax shall also be assessed and collected on equipment that is intended for relocation to operations outside of the United States and shall be collected prior to the relocation. Moneys received from the tax imposed by this article shall be transferred to the State Treasurer's Office to be deposited in the State's General Revenue Fund. The Tax Commissioner is hereby directed to propose rules for legislative approval in accordance with the provisions of article three, chapter twenty-nine-a of this code designed to prescribe forms to be provided by county clerks to properly record the assessment and collection of the tax imposed hereunder and to otherwise fully implement the provisions of this article.


NOTE: The purpose of this bill is to impose a tax on corporations for the transfer of corporate real estate or equipment within five years of commencing operations in this state at the rate of 10% of the value of the real estate or equipment. Additionally, the tax would be imposed on corporations who reassign equipment to operations outside the United States.

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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