This bill proposes the repeal of both the personal income tax and the corporate net income tax in West Virginia. It introduces two new articles, 11-21B and 11-24A, which outline the legislative findings supporting the repeal, the purpose of the act, and the specific provisions for terminating tax liabilities. The bill states that no personal income tax will be imposed on income earned on or after January 1, 2028, while tax liabilities incurred for taxable years ending on or before December 31, 2027, will remain enforceable under prior law. Similarly, the corporate net income tax will not be imposed for taxable years beginning on or after January 1, 2028.

Additionally, the bill includes provisions for the administration of final returns, assessments, and refunds related to the repealed taxes, as well as conforming amendments to other code provisions that reference these taxes. The State Tax Commissioner is granted authority to create rules for implementing the act, including transitional administration and record retention requirements. The act is set to take effect on July 1, 2026, unless otherwise specified.

Statutes affected:
Introduced Version: 11-21B-1, 11-21B-2, 11-21B-3, 11-21B-4, 11-21B-5, 11-21B-6, 11-21B-7, 11-21B-8, 11-24A-1, 11-24A-2, 11-24A-3, 11-24A-4, 11-24A-5, 11-24A-6