This bill amends the Code of West Virginia to impose limitations on municipal business and occupation taxes. Specifically, it prohibits any political subdivision or municipality from computing, imposing, or collecting a business and occupation tax in any tax year after 2023 on any category of business activity that was not already being taxed in or before the tax year 2024. Additionally, the bill introduces a phased reduction and eventual elimination of the municipal business and occupation tax on the sale of new automobiles that have never been registered, with a 50% reduction starting July 1, 2023, followed by another 50% reduction on July 1, 2024, and complete elimination by July 1, 2025.

Furthermore, the bill clarifies that municipalities may impose a business and occupation tax on specific activities, such as aircraft repair services, while ensuring that the tax rates do not exceed state-imposed maximums. It also includes provisions for tax credits to incentivize new and expanding businesses, outlines administrative procedures for tax assessment and collection, and establishes guidelines for timely tax payments. The bill aims to streamline municipal taxation practices and provide clearer regulations for businesses operating within multiple municipalities.

Statutes affected:
Introduced Version: 8-13-5