This bill proposes to amend the Code of West Virginia by abolishing the personal income tax for tax years beginning after December 31, 2025. Specifically, it inserts new language stating that "the tax imposed by this section is abolished" for those tax years. Additionally, it clarifies that for tax years starting on or after January 1, 2024, the income of a non-grantor trust administered by a licensed private trust company will not be subject to this tax.

The bill also retains existing provisions regarding the imposition of tax on various entities, such as individuals, estates, and trusts, while specifying that partnerships and other pass-through entities may elect to be subject to the tax. However, the overarching change is the complete elimination of the personal income tax starting in 2026, which marks a significant shift in the state's tax policy.

Statutes affected:
Introduced Version: 11-21-3