The bill amends sections of the West Virginia Code related to tax payment requirements, specifically eliminating the accelerated payment requirements for certain taxpayers. Under the previous law, taxpayers whose average monthly tax payments exceeded $100,000 were required to remit taxes attributable to the first fifteen days of June by June 20. The new legislation repeals this requirement, stating that the provisions of 11-15-16(g), 11-15A-10(f), and 11-21-74(d) shall no longer have any force or effect, effectively removing the accelerated payment obligations for these taxpayers.

Additionally, the bill maintains the standard monthly payment schedule for taxes due, which remains payable on or before the twentieth day of the month following the month in which the tax accrued. The Tax Commissioner retains the authority to establish rules and procedures for tax returns and payments, ensuring compliance with the revised regulations. This legislative change aims to simplify tax obligations for businesses and individuals, providing them with more flexibility in managing their tax payments.

Statutes affected:
Introduced Version: 11-15-16, 11-15A-10, 11-21-74
Enrolled Version: 11-15-16, 11-15A-10, 11-21-74