WEST virginia legislature

2021 regular session

Introduced

Senate Bill 704

By Senator Maynard

[Introduced March 22, 2021; referred
to the Committee on Finance]

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-3a, relating to providing an exemption from payment of personal income taxes for certain individuals; declaring pilot project; specifying the limits of the exemption; specifying applicable tax years; and authorizing the Tax Commissioner to require appropriate documentation.

Be it enacted by the Legislature of West Virginia:

ARTICLE 21. PERSONAL INCOME TAX.

§11-21-3a. Special exemption pilot project.

Individuals who own and operate a business in a Class IV city that borders another state, who reside in the county, and whose sole source of income is their business shall be exempt from payment of personal income tax . The period of this exemption shall be for the tax years 2020 - 2025. This exemption only applies to the determination and payment of personal income tax and all other taxes shall remain in effect for the individuals described in this section. The state tax commissioner shall have the authority to prescribe appropriate forms for these individuals to document their exemption.

NOTE: The purpose of this bill is to provide an exemption from personal income tax for business owners in one community when their sole source of income is their business.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.