This bill amends the Code of West Virginia regarding exemptions from excise taxes related to the transfer of real property. It specifically removes the exemption for certain transfers, including gifts and quitclaim deeds, while introducing a new exemption for transfers between siblings. The bill also clarifies the definitions of various terms related to real property transactions, such as "document," "transaction," and "value," to ensure a more precise understanding of the law.

The changes aim to tighten the transfer-tax provisions and eliminate loopholes that have allowed individuals to evade payment of transfer taxes. By removing certain exemptions and adding new ones, the bill seeks to create a more equitable tax structure for real property transfers in West Virginia.

Statutes affected:
Introduced Version: 11-22-1