H. B. 2645
(By Delegates Trump, Wakim, Border, Anderson,
Roberts, Carmichael and Stevens)
[Introduced February 24, 2005; referred to the
Committee on Finance.]
A BILL to
amend and reenact §11-24-4
of the Code of West Virginia,
1931, as amended, relating to the West Virginia corporate net
income tax; reducing the rate of the corporate net income tax
from nine percent to six percent by reducing the rate of tax
by one half of one percent per year, commencing the first day
of July, two thousand five.
Be it enacted by the Legislature of West Virginia:
That §11-24-4
of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-4. Imposition of primary tax and rate of tax; effective
and termination dates.
Primary tax.
(1) In the case of taxable periods beginning after the
thirtieth day of June, one thousand nine hundred sixty-seven, and ending prior to the first day of January, one thousand nine hundred
eighty-three, a tax is hereby imposed for each taxable year at the
rate of six percent per annum on the West Virginia taxable income
of every domestic or foreign corporation engaging in business in
this State or deriving income from property, activity or other
sources in this State, except corporations exempt under section
five.
(2) In the case of taxable periods beginning on or after the
first day of January, one thousand nine hundred eighty-three, and
ending prior to the first day of July, one thousand nine hundred
eighty-seven, a tax is hereby imposed for each taxable year on the
West Virginia taxable income of every domestic or foreign
corporation engaging in business in this State or deriving income
from property, activity or other sources in this State, except
corporations exempt under section five of this article, and any
banks, banking associations or corporations, trust companies,
building and loan associations, and savings and loan associations,
at the rates which follow:
(A) On taxable income not in excess of fifty thousand dollars,
the rate of six percent; and
(B) On taxable income in excess of fifty thousand dollars, the
rate of seven percent.
(3) In the case of taxable periods beginning on or after the
first day of July, one thousand nine hundred eighty-seven, a tax is hereby imposed for each taxable year on the West Virginia taxable
income of every domestic or foreign corporation engaging in
business in this State or deriving income from property, activity
or other sources in this State, except corporations exempt under
section five of this article, at the rate of nine and three
quarters percent. Beginning the first day of July, one thousand
nine hundred eighty-eight, and on each first day of July thereafter
after that for four successive calendar years, the rate shall be
reduced by fifteen one hundredths of one percent per year, with
such the rate to be nine percent on and after the first day of
July, one thousand nine hundred ninety-two. Beginning the first
day of July, two thousand five, and on each first day of July after
that for five successive years, the rate shall be reduced by fifty
one hundredths of one percent per year, with the rate to be six
percent on and after the first day of July, two thousand ten.
NOTE: The purpose of this bill is to phase-in a reduction of
the corporate net income tax rate from nine percent to six percent
by reducing the rate by one-half percent per year, commencing July
1, 2005.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
Email
Webmaster | © 2024 West Virginia Legislature **
