SB 615
Eliminating accelerated tax payment requirements
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill seeks to eliminate accelerated tax payment requirements for both consumer sales and use taxes and personal income taxes in West Virginia. Specifically, it removes the requirement for taxpayers to remit taxes monthly, and for employers to make accelerated payments, based on average monthly payments exceeding $100,000. The bill also addresses annual reconciliation requirements and electronic filing for certain employers.
Key provisions
- Eliminates monthly accelerated tax payment requirements for consumer sales and use taxes.
- Eliminates monthly accelerated tax payment requirements for personal income taxes.
- Removes the requirement for employers to remit taxes on the first 15 days of June each year.
- Allows employers to remit 50% of their tax liability for the preceding month instead of the first 15 days of June.
- Preserves a credit for advanced payments of tax.
- Maintains annual reconciliation requirements for employers.
- Requires electronic filing for employers with 50 or more employees.
- Addresses electronic filing requirements for employers with 25 or more employees using payroll services.
Who is affected
- Taxpayers (individuals and businesses)
- Employers
- The West Virginia Tax Commissioner
- Retailers
- Service Providers
Notable changes
- Removes the requirement for monthly accelerated tax payments.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Smith (Mr. President)
Cosponsor
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