West Virginia Senate Bill 442 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on January 23 2023 - 25% progression, died in committee
Action: 2023-01-23 - To Finance
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [HTML]

The purpose of this bill is to provide an election for pass-through entities to pay income taxes at the entity level rather than pass the income through to individual owners. The bill sets forth the method of claiming the election; defines terms; sets forth a rate of tax; deals with claims for refunds and issuing assessments; deals with claiming tax credits; provides increasing and decreasing modifications for partners and shareholders when the pass-through entity elects to pay the tax at the entity level; provides for rulemaking; and sets forth an effective date which is retroactive.

Providing option for pass-through entities to pay income tax at entity level

Sen. Eric Tarr [R]

Sen. Patrick Martin [R]

Sen. Mike Oliverio [R]

Date	Chamber	Action
2023-01-23	Senate	To Finance
2023-01-23	Senate	Introduced in Senate
2023-01-23	Senate	To Finance
2023-01-23	Senate	Filed for introduction

HB3245 (Similar To) 2023-02-03 - To House Finance

Chapter	Article	Section	Citation Type	Statute Text
11	21	12N	New Code	See Bill Text
11	21	63	New Code	See Bill Text

Type	Source
Summary	http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=442&year=2023&sessiontype=RS&btype=bill
Text	http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb442%20intr.htm&yr=2023&sesstype=RS&i=442