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 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. The bill 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 maintained for 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