Senate Bill No. 371
(By Senators Prezioso and D. Facemire)
[Passed March 10, 2011; in effect from passage.]
AN ACT to amend and reenact §11-24-3b of the Code of West Virginia,
1931, as amended, relating to updating the list of
jurisdictions identified as tax havens.
Be it enacted by the Legislature of West Virginia:
That §11-24-3b of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-3b. General meaning of definition of the term tax haven for
(a) General. -- For purposes of this article and article
twenty-three of this chapter, a jurisdiction that, for a particular
tax year in question is identified by the Organization for Economic
Cooperation and Development as a tax haven or as having a harmful
preferential tax regime means and includes any and all
jurisdictions so identified as of the most recent list or compilation of jurisdictions issued, published or adopted by the
Organization for Economic Cooperation and Development on or before
the effective date of this section: Provided, That all amendments
made to the most recent list or compilation of jurisdictions
identified as a tax haven or as having a harmful preferential tax
regime that were issued, published or adopted by the Organization
for Economic Cooperation and Development after March 8, 2008, but
prior to January 1, 2011, shall be given effect in determining
whether a jurisdiction is a tax haven as that term is defined in
section three of this article.
(b) Effective date. -- This section as enacted in 2008 is
effective on passage: Provided, That the amendment to this section
enacted in 2011 applies retroactively to March 8, 2008, and remains
effective until this section is either amended or repealed.