Senate Bill No. 486
(By Senator Mitchell)
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[Introduced February 1, 2002; referred to the Committee
on Finance.]
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A BILL to amend article twenty-one, chapter eleven of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
eight-h, relating to allowing a credit against personal income
tax for new residents of West Virginia in amount equal to the
real and personal property tax owed for the first year of
residency.
Be it enacted by the Legislature of West Virginia:
That article twenty-one, chapter eleven of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section
eight-h, to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-8h. Credit for new residents.
(a) A credit against the tax imposed by the provisions of this article shall be allowed for an individual or married couple
initially moving to West Virginia, or for an individual or married
couple returning to West Virginia after not residing in the state
for a period of at least ten years, in amount equal to the tax owed
on that individual's or married couple's real and personal property
for the first year of residency.
(b)
To receive the credit allowed in subsection (a) of this
section, the individual or married couple must first reside in the
state for a period of at least three consecutive years, and must
provide proof of real and personal property taxes paid for the
first year of residency in the state.
The credit may not exceed the
individual's or married couple's total tax liability under the
other provisions of this article. The credit is effective for tax
years beginning after the thirty-first day of December, two
thousand five.
NOTE: The purpose of this bill is to allow a credit against
personal income tax for new residents of West Virginia in amount
equal to the real and personal property tax owed for the first year
of residency. New residents are not eligible to receive the credit
until they have resided in the state at least three consecutive
years.
This section is new; therefore, strike-throughs and
underscoring have been omitted.