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 section, the bill effectively eliminates the tax benefits that credit unions have been receiving under the existing law.

The primary aim of the legislation is to remove the tax exemption status for credit unions, thereby subjecting them to the same tax obligations as other financial institutions. This change is intended to generate additional revenue for the state by taxing credit unions, which have previously operated without this financial obligation.