HB 4927
To eliminate the Personal Income tax in WV
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to eliminate the personal income tax in West Virginia. It specifies that the tax will be abolished for tax years beginning after December 31, 2026. The bill outlines provisions regarding taxable income for individuals, estates, trusts, and partnerships, with some exceptions for trusts administered by licensed private trust companies and final federal partnership audit adjustments. It also clarifies that associations taxable as corporations and exempt trusts are not subject to this tax.
Key provisions
- The personal income tax will be abolished for tax years beginning after December 31, 2026.
- Trusts administered by licensed private trust companies are exempt from the tax.
- Partnerships and other pass-through entities can elect to be subject to the tax.
- Associations taxable as corporations are not subject to the tax.
- Exempt trusts are exempt from the tax.
- The bill addresses definitions of West Virginia taxable income.
- It includes provisions for final federal partnership audit adjustments.
Who is affected
- Taxpayers in West Virginia
- Individuals
- Estates
- Trusts
- Partnerships
Notable changes
- Abolishes the personal income tax in West Virginia.
- Creates an exception for trusts administered by licensed private trust companies.
- Allows partnerships to elect to be subject to the tax.
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