H. B. 3211
(By Delegate Walters)
[Introduced March 30, 2001; referred to the
Committee on Finance.]
A BILL to amend and reenact section one, article twenty-one,
chapter eleven of the code of West Virginia, one thousand nine
hundred thirty-one, as amended; to further amend said article
by adding thereto a new section, designated section four-g; to
amend and reenact section one, article twenty-four of said
chapter; and to further amend said article by adding thereto
a new section, designated section four-b, all relating to
legislative findings; and providing for a ten percent tax
reduction to all personal income and corporate net income tax
rates.
Be it enacted by the Legislature of West Virginia:
That section one, article twenty-one, chapter eleven of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted; that said article be further
amended by adding thereto a new section, designated section four-g; that section one, article twenty-four of said chapter be amended
and reenacted; and that said article be further amended by adding
thereto a new section, designated section four-b, all to read as
follows:
ARTICLE 21. PERSONAL INCOME TAX.
PART I. GENERAL.
§11-21-1. Legislative findings.
(a) The Legislature
hereby finds
and declares that the
adoption by this state for its personal income tax purposes of the
provisions of the laws of the United States relating to the
determination of income for federal income tax purposes will: (1)
Simplify preparation of state income tax returns by taxpayers; (2)
improve enforcement of the state income tax through better use of
information obtained from federal income tax audits; and (3) aid
interpretation of the state tax law through increased use of
federal judicial and administrative determinations and precedents.
(b) The Legislature finds that tax policy is a legitimate
instrument for state government to utilize in efforts to stimulate
small business and that too often the tax policies in force have
had an opposite effect.
(c) The Legislature recognizes that the level of poverty in
this state is among the highest in the country while per capita
income is among the lowest and that reducing the personal income
tax will serve to reverse these troubling statistical trends.
(d) The Legislature finds that an across-the-board income tax
cut of ten percent would stimulate the growth of small business,
help create jobs and render relief to those citizens of this state
who are in need of financial relief.
§11-21-4g. Ten percent income tax reduction.
For taxable years ending on and after the first day of July,
two thousand one, there shall be a ten percent reduction in all
personal income tax rates.
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-1. Legislative findings.
(a) The Legislature finds
and declares that the adoption by
this state for its corporation net income tax purposes of certain
provisions of the laws of the United States relating to the
determination of income for federal income tax purposes will: (1)
Simplify preparation of state corporation net income tax returns by
taxpayers; (2) improve enforcement of the state corporation net
income tax through better use of information obtained from federal
income tax audits; and (3) aid interpretation of the state
corporation net income tax law through increased use of federal
judicial and administrative determinations and precedents.
(b) The Legislature finds that tax policy is a legitimate
instrument for state government to utilize in efforts to stimulate
small business and that too often the tax policies in force have
had an opposite effect.
(c) The Legislature recognizes that the level of unemployment
in this state is unacceptably high while per capita income is among
the lowest in the country and that reducing the corporate net
income tax will serve to reverse these troubling statistical
trends.
(d) The Legislature finds that an across-the-board income tax
cut of ten percent would stimulate the growth of small business,
help create jobs and render relief to those citizens of this state
who are in need of financial relief.
(e) The Legislature
does therefore declare declares that this
article
twenty-four be construed so as to accomplish the foregoing
purposes.
§11-24-4b. Ten percent reduction for all rates.
For taxable years ending on and after the first day of July,
two thousand one, there shall be a ten percent reduction in any
corporate net income tax rate.
NOTE: This bill provides that all personal and corporate
taxpayers receive a ten percent across-the-board tax reduction. It
includes legislative findings that support the tax reductions.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
§§11-21-4g and 11-24-4b are new; therefore, strike-throughs
and underscoring are omitted.
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