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 if the effective date falls within a taxpayer's taxable year, the tax liability will be prorated based on the months before and after January 1, 2025. Additionally, the bill defines "agricultural cooperative association" in relation to existing law and states that the amendments will be retroactive to the effective date.

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. The bill aims to support agricultural cooperative associations by alleviating their tax burdens and ensuring they can operate more effectively within the state's legal framework.

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