Bill Text: WV SB673 | 2016 | Regular Session | Introduced
Bill Title: Providing safe harbor valuation for measure of tax on limestone and sandstone
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-02-22 - To Finance [SB673 Detail]
Download: West_Virginia-2016-SB673-Introduced.html
WEST virginia Legislature
2016 regular session
Introduced
Senate Bill 673
By Senator Boso
[Introduced February
22, 2016;
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 §11-13A-4a, relating to providing a safe harbor valuation for the measure of tax upon limestone and sandstone quarried or mined for purposes of the West Virginia Severance and Business Privilege Tax.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding a new section, designated §11-13A-4a, to read as follows:
ARTICLE 13A. SEVERANCE AND BUSINESS PRIVILEGE TAX ACT.
§11-13A-4a. Safe harbor valuation for limestone and sandstone quarried or mined.
The valuation for limestone and sandstone by quarrying or mining for the purpose of the tax imposed in section three-c of this article may be calculated using a safe harbor valuation for the measure of the tax equal to ten percent of the sale price of the crushed stone, not including transportation costs.
NOTE: The purpose of this bill is to provide a safe harbor valuation for the measure of tax on limestone and sandstone quarried or mined for purposes of the West Virginia Severance and Business Privilege Tax.
Strike-throughs indicate language that would be stricken from a heading or the present law, and underscoring indicates new language that would be added.
