This bill proposes the repeal of section 31C-2-8 of the Code of West Virginia, which currently provides a tax exemption for credit unions. By removing this provision, credit unions would no longer benefit from the tax exemption that has been in place.

The intent of the legislation is to eliminate the special tax status afforded to credit unions, thereby subjecting them to the same tax obligations as other financial institutions. This change reflects a shift in policy regarding the taxation of credit unions in West Virginia.