ENGROSSED
H. B. 4759
(By Mr. Speaker, Mr. Kiss, and Delegates Michael, Doyle,
Warner, Campbell, Varner and Browning)
(Originating in the Committee on Finance)
[March 8, 2004]
A BILL to amend the code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-21-3a, relating
to personal income tax; providing for an alternative minimum
tax; specifying rate and measure of tax; proceeds of tax
dedicated to senior citizens fund; fund creation; and setting
forth an effective date.
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 §11-21-3a, to read as
follows:
ARTICLE 21. PERSONAL INCOME TAX.
PART I. GENERAL.
§11-21-3a. Alternative minimum tax imposed; effective date.
(a)
Imposition of tax. -- For all tax years beginning after
the thirty-first day of December, two thousand three, there is
hereby imposed an alternative minimum personal income tax for each taxable year on the West Virginia taxable income of every
individual meeting the criteria set forth in subsection (b) of this
section. The alternative minimum tax in this section shall
supersede and replace the minimum tax set forth in section three of
this article.
(b)
Rate and measure of tax.--The alternative minimum tax
imposed pursuant to the provisions of this article is sixty percent
of all taxable income received by a taxpayer. This alternative
minimum tax applies where a taxpayer receives in excess of one
hundred thousand dollars for the performance of managerial and
administrative services for any senior center or combination of
senior centers receiving any funds from the State of West Virginia
or from the federal administration on aging:
Provided, That for the
purposes of this section, income includes wages, salaries, fringe
benefits in excess of those which are ordinary and usual in the
industry, and contractual income:
Provided, however, That this
alternative minimum tax only applies to taxable income in any form,
including extraordinary fringe benefits, which is derived solely
from any activity of performing managerial or administrative
services for a senior center.
(c) The tax commissioner shall promulgate emergency rules
pursuant to the provisions of section fifteen, article three,
chapter twenty-nine-a of this code to implement the provisions of
this section. These rules shall be promulgated no later than the
last day of August, two thousand four.
(d) Partners and partnerships. -- A partnership as such shall not be subject to tax under this section. Persons carrying on
business as partners shall be liable for tax under this section
only in their separate or individual capacities.
(e) Associations taxable as corporations. -- An association,
trust or other unincorporated organization which is taxable as a
corporation for federal income tax purposes, is not to be subject
to tax under this section.
(f) 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 section (regardless of whether subject to federal
income tax on unrelated business taxable income).
(g) Dedication of proceeds from alternative minimum tax. --
All collections of the tax provided by subsection (b) of this
section shall be deposited in a special fund hereby created in the
state treasury designated as the "Senior Citizen Recovery Fund" and
expended by the bureau of senior services pursuant to legislative
appropriation.
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