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Introduced Version Senate Bill 248 History

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sb248 intr
Senate Bill No. 248

(By Senators Tomblin (Mr. President) and Caruth, By Request of the Executive)

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[Introduced February 13, 2009; referred to the Committee on Finance.]

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A BILL to amend and reenact §11-21-3 of the Code of West Virginia, 1931, as amended, relating to the expiration of the alternative minimum tax; and providing for the expiration of the alternative minimum tax for tax years beginning on and after January 1, 2010.

Be it enacted by the Legislature of West Virginia:
That §11-21-3 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-3. Imposition of tax; additional, temporary surtax imposed;
effective and termination dates; minimum tax; persons subject to tax.

(a) Imposition of tax.
(1) Primary tax. -- A tax determined in accordance with the rates hereinafter set forth in this article is hereby imposed for each taxable year on the West Virginia taxable income of every individual, estate and trust.
(2) Temporary surtax. -- In addition to the primary tax imposed upon the persons, for the periods, on West Virginia taxable income, and at the rates, as aforesaid, there is hereby imposed an additional tax, a temporary surtax, of twelve percent of such determined primary tax liability for individuals and heads of household with West Virginia taxable income in excess of $10,000 and for those filing a joint return with West Virginia taxable income in excess of $20,000; and with such primary tax and additional tax, the temporary surtax, together with the minimum tax herein, to constitute the tax imposed by this section and under this article.
(3) Minimum tax. -- In addition to the primary tax and the temporary surtax imposed by this section, there is imposed a minimum tax, which shall be the excess, if any, by which an amount equal to twenty-five percent of any federal minimum tax or alternative minimum tax for the taxable year exceeds the sum of the primary tax and the temporary surtax imposed by this section for the taxable year.
(4) Effective date. -- The additional tax, the temporary surtax herein imposed, and the minimum tax herein imposed are hereby made effective on and after April 1, 1983: Provided, That the temporary surtax shall expire, be nullified and of no further force or effect whatsoever after June 30, 1985: Provided, however, That the minimum tax shall expire, be nullified and of no further force or effect whatsoever for tax years beginning on and after January 1, 2010. Section four-e of this article, applicable to the effect of any rate changes during a taxable year shall be construed to include and also be applicable to the surtax imposed in this section or any change of surtax hereafter during a taxable year.
(b) Partners and partnerships. -- A partnership as such shall not be subject to tax under this article. Persons carrying on business as partners shall be liable for tax under this article only in their separate or individual capacities.
(c) Associations taxable as corporations. -- An association, trust or other unincorporated organization which is taxable as a corporation for federal income tax purposes, shall not be subject to tax under this article.
(d) Exempt trusts and organizations. -- A trust or other unincorporated organization which by reason of its purposes or activities is exempt from federal income tax shall be exempt from tax under this article (regardless of whether subject to federal income tax on unrelated business taxable income).
(e) Cross references. -- For definitions of West Virginia taxable income of:
(1) Resident individual, see section eleven.
(2) Resident estate or trust, see section eighteen.
(3) Nonresident individual, see section thirty-one thirty.
(4) Nonresident estate or trust, see section thirty-eight.



NOTE: The purpose of this bill is to provide for the expiration of the alternative minimum tax.

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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