This bill amends the Code of West Virginia to modify the exemptions from excise taxes related to the transfer of real property. It removes the existing exemption for certain transfers, specifically eliminating exemptions for gifts and quitclaim deeds, while introducing a new exemption for transfers between siblings. The bill aims to tighten the transfer-tax provisions and close loopholes that have allowed individuals to evade payment of transfer taxes.

Additionally, the bill updates the definitions related to the excise tax on the privilege of transferring real property. It clarifies the types of documents that are exempt from the tax and specifies how the value of transferred property should be assessed. The changes are intended to ensure a more equitable application of transfer taxes and enhance revenue collection for the state.

Statutes affected:
Introduced Version: 11-22-1