This bill proposes to amend the Code of West Virginia by phasing out the corporate net income tax over a four-year period, starting in tax year 2027. The new provisions stipulate that the tax will be reduced by 25% in 2027, 50% in 2028, and 75% in 2029. Furthermore, beginning January 1, 2030, no tax will be imposed on corporate income under this section.

The bill modifies existing tax rates for corporations engaging in business in West Virginia, which have varied over the years, with the current rate being seven and three-quarters percent for taxable periods beginning on or after January 1, 2012. The proposed changes aim to provide a gradual reduction in tax liability for corporations, ultimately eliminating the corporate net income tax entirely by 2030.

Statutes affected:
Introduced Version: 11-24-4