HB 2552
To provide a reduction of the tax for companies who have 75% or more of their workforce as West Virginia residents
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes a reduction in West Virginia’s business and occupation tax rate for companies that employ at least 75% West Virginia residents. Companies meeting this requirement would receive a 2.5% reduction in their tax rate. The bill aims to incentivize businesses to hire local workers and benefit the state’s economy. The reduction would apply to the 2025 tax year and subsequent years.
Key provisions
- Companies with 75% or more West Virginia resident employees qualify.
- Eligible companies receive a 2.5% reduction in their business and occupation tax rate.
- Companies must provide evidence of their workforce composition to qualify.
- The West Virginia Department of Tax and Revenue will provide guidance on implementation.
- The tax reduction applies to the 2025 tax year and beyond.
Who is affected
- Businesses operating in West Virginia
- West Virginia residents employed by businesses
- The West Virginia Department of Tax and Revenue
Notable changes
- Creates a specific tax incentive based on workforce residency.
Fiscal impact
The bill would reduce state tax revenue by an amount dependent on the number of companies that qualify for the tax reduction.
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