This bill proposes amendments to the Code of West Virginia regarding exemptions from excise taxes on real property transfers. It aims to tighten the transfer-tax provisions by removing existing exemptions for certain transfers, including gifts and quitclaim deeds, which have been identified as loopholes for evading transfer taxes. Specifically, the bill eliminates the exemption for transfers where the value of the property is $100 or less and removes exemptions for gifts to charitable organizations.

In contrast, the bill introduces a new exemption for transfers between siblings, thereby allowing such transactions to occur without incurring excise taxes. Additionally, it clarifies the definition of "value" in the context of real property transfers, ensuring that the actual monetary value of the property is considered in determining tax obligations. Overall, the bill seeks to enhance the integrity of the transfer tax system by closing loopholes while providing specific exemptions for familial transfers.

Statutes affected:
Introduced Version: 11-22-1