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 a new provision stating that the tax imposed by the current law will be abolished starting from that date. Additionally, it clarifies that for tax years beginning on or after January 1, 2024, the income of non-grantor trusts administered by licensed private trust companies will not be subject to this tax.

The bill also retains existing provisions regarding the imposition of tax on individuals, estates, and trusts, while specifying that partnerships and other pass-through entities will not be subject to the tax unless they elect to be. Furthermore, it maintains exemptions for certain trusts and organizations that are already exempt from federal income tax. Overall, the primary aim of the bill is to eliminate the personal income tax in West Virginia, significantly altering the state's tax structure.

Statutes affected:
Introduced Version: 11-21-3