HB 5519
Relating to creating the “West Virginia Tax Neutrality Act”
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the West Virginia Tax Neutrality Act, aims to align West Virginia tax law with federal tax rules regarding investment metal bullion and investment coins. It proposes to treat gains and losses from the sale of these metals as if they were not reported on a taxpayer’s federal income, effectively creating tax neutrality for these transactions. The bill removes capital gains and losses from federal adjusted gross income or federal taxable income, and adds capital losses to federal adjusted gross income or federal taxable income.
Key provisions
- Removes long-term and short-term capital gains from federal adjusted gross income.
- Removes long-term and short-term capital losses from federal adjusted gross income.
- Defines ‘capital gain transaction’ as short-term or long-term capital gains.
- Defines ‘long-term capital gain’ and ‘short-term capital gain’ according to the Internal Revenue Code.
- Specifies that investment metal bullion and investment coins are subject to this treatment.
- The act is effective upon enactment.
Who is affected
- Individuals
- Corporations
- Fiduciaries
Notable changes
- Creates a tax neutrality provision for capital gains and losses related to investment metal bullion and investment coins.
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