HB 4954
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 the state’s business and occupation tax for companies that employ at least 75% West Virginia residents. Companies meeting this requirement would receive a 2.5% decrease in their tax rate. The bill aims to incentivize businesses to hire local workers and benefit the state’s economy. The tax reduction would take effect for the 2026 tax year.
Key provisions
- Companies with 75% or more West Virginia workforce qualify.
- A 2.5% reduction in the business and occupation tax rate is offered.
- Companies must provide evidence of workforce residency.
- The West Virginia Department of Tax and Revenue will provide guidance on implementation.
Who is affected
- Businesses operating in West Virginia
- Companies with a significant West Virginia workforce
- West Virginia residents employed by businesses
Notable changes
- Creates a new tax credit based on workforce residency.
Fiscal impact
The bill will reduce the state’s business and occupation tax revenue.
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