Bill Text: WV SB371 | 2024 | Regular Session | Introduced
Bill Title: Exempting capital gains from personal and corporate taxation
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced) 2024-01-12 - To Finance [SB371 Detail]
Download: West_Virginia-2024-SB371-Introduced.html
FISCAL NOTE
2024 REGULAR SESSION
FISCAL NOTE
Senate Bill 371
By Senator Nelson
[Introduced January 12, 2024; referred
to the Committee on Finance]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-80; and to amend said code by adding thereto a new section, designated §11-24-26, all relating to exempting capital gains from personal and corporate taxation.
Be it enacted by the Legislature of West Virginia:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-80. Capital gain exemption.
Capital gains, whether long-term or short-term, are exempt from the tax imposed by this article.
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-26. Capital gain exemption.
Capital gains, whether long-term or short-term, are exempt from the tax imposed by this article.
NOTE: The purpose of this bill is to exempt taxing capital gains on either personal income of corporate income.
Strike-throughs indicate language that would be stricken from a heading or the present law, and underscoring indicates new language that would be added.
