This bill proposes amendments to the definitions section of the excise tax on property transfers in West Virginia, specifically targeting the exemptions from excise taxes. It removes the existing definitions of "Association," "Corporation," "Commissioner," "Document," "Limited liability company," "Person," "Transaction," and "Value," and replaces them with updated definitions that clarify the scope of exemptions. Notably, the bill introduces a new definition of "Document" that excludes various types of transfers from excise taxes, including wills, transfers of real property valued at $1,000 or less, and several other specific transactions such as deeds made without consideration between family members and certain types of trusts.

Additionally, the bill modifies the definition of "Person" to include member-managed staff of limited liability companies and revises the definition of "Value" to provide a clearer understanding of how the value of property is assessed in the context of excise taxes. The changes aim to streamline the tax code and ensure that specific transactions are exempt from excise taxes, thereby potentially reducing the tax burden on certain property transfers.

Statutes affected:
Introduced Version: 11-22-1