The bill aims to amend the Code of West Virginia by introducing a new tax exemption for agricultural cooperative associations. Specifically, it adds a new section, 11-13-2s, which exempts these associations from the business and occupation tax for taxable years beginning on or after January 1, 2025. The exemption applies to units owned or leased by the agricultural cooperative association, and if the exemption date falls within a 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" and states that the amendments will be retroactive to January 1, 2025.

Furthermore, the bill modifies existing definitions in Chapter 19, Article 4, by including a new provision that allows for the purchase or acquisition of insurance to cover agricultural equipment and products as part of "qualified activity." 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 ensures that exemptions for qualified activities and agricultural products also extend 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