H. B. 3205
(By Delegate Spencer)
[Introduced March 30, 2001; referred to the
Committee on Finance.]
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
twelve-d, 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 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
twelve-d, to read as follows:
PART I. GENERAL.
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-12d. First year income from new business 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.