This bill proposes amendments to the Code of West Virginia, specifically targeting the taxation of agricultural cooperative associations. It introduces a new section, 11-13-2s, which establishes a tax exemption for these associations from the business and occupation tax starting January 1, 2025. The exemption applies to units owned or leased by the agricultural cooperative association and will be prorated for the taxable year if the exemption date falls within that year. Additionally, the bill defines "agricultural cooperative association" and states that the amendments will be retroactive to January 1, 2025.

Furthermore, the bill amends existing definitions in Chapter 19, Article 4, to include provisions related to agricultural products and qualified activities. Notably, it expands the definition of "qualified activity" to encompass the purchase or acquisition of insurance for agricultural equipment and products. It also clarifies that any conflicting laws, including the business and occupation tax, do not apply to the associations covered under this article, ensuring that existing exemptions for qualified activities and agricultural products are fully applicable to those delivered by former members of the association.

Statutes affected:
Introduced Version: 19-4-20, 11-13-2s
Engrossed Version: 19-4-20, 11-13-2s