WV SB442 | 2023 | Regular Session
Status
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]
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]
Summary
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.
Title
Providing option for pass-through entities to pay income tax at entity level
Sponsors
History
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 |
Same As/Similar To
HB3245 (Similar To) 2023-02-03 - To House Finance
Subjects
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
11 | 21 | 12N | New Code | See Bill Text |
11 | 21 | 63 | New Code | See Bill Text |