H. B. 4640
(By Mr. Speaker, (Mr. Kiss), (By Request))
[Introduced February 20, 2006; referred to the
Committee on the Judiciary then Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-21-71b, relating
to income tax withholding on sales or transfers of real
property by nonresident individuals or entities.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §11-21-71b, to read as
follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-71b.
Withholding on nonresident sales of real estate.
Effective October first, two thousand six, the sale or
exchange of real property owned by a nonresident or nonresident
entity is subject to West Virginia personal or corporate income tax
withholding at the time the change of ownership is effected. If
the nonresident transferor is an individual, the rate is six percent; if not, the rate is eight and one-quarter percent.
NOTE: The purpose of this bill is to provide for a personal
or corporate income tax withholding on the sale or exchange of real
property owned by a nonresident or nonresident entity.
This section is new; therefore, strike-throughs and
underscoring have been omitted.
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