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 an exemption from the business and occupation tax for agricultural cooperative associations organized under 19-4-1, effective for taxable years beginning on or after January 1, 2025. The bill stipulates that 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" 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 new provisions related to qualified activities, specifically allowing for 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 providing them with tax relief, thereby promoting agricultural activities in West Virginia.

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