WEST VIRGINIA LEGISLATURE

2023 FIRST EXTRAODINARY SESSION

Introduced

Senate Bill 1025

By Senators Blair (Mr. President) and Woelfel

[By Request of the Executive]

[Introduced August 6, 2023]

A BILL to amend and reenact §11-13MM-10 of the Code of West Virginia, 1931, as amended, relating to clarifying that certain payments paid prior to the effective date of the tax credits for property taxes paid on certain species of property are eligible for the tax credits.

Be it enacted by the Legislature of West Virginia:

ARTICLE 13MM. WEST VIRGINIA PROPERTY TAX ADJUSTMENT ACT.

§11-13MM-10. Effective Date.

This article shall be effective for personal income taxable years beginning on or after January 1, 2024, and for corporation net income tax taxable years beginning on or after January 1, 2024.  Subject to the restrictions, limitations and requirements set forth in this article, ad valorem property tax timely paid in the personal income tax taxable year, or the corporation net income tax taxable year, as applicable, beginning on or after January 1, 2024, may qualify for the tax credits specified in this article, even where such tax, that is due and owed in calendar year 2024 only, is actually timely paid prior to January 1, 2024.

NOTE: The purpose of this bill is to clarify that property tax payments that would otherwise be eligible for certain tax credits are still eligible even when the payment for the tax is received prior to January 1, 2024.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.