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 aims to eliminate the tax benefits that credit unions have been receiving under the existing law.

The primary objective of the legislation is to subject credit unions to taxation, thereby potentially increasing state revenue. The bill does not introduce any new legal language but focuses solely on the removal of the existing tax exemption for credit unions.