SB 596
Eliminating transfer taxes for siblings and for LLC solely owned by individual transferor
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill removes transfer taxes for two specific types of transfers in West Virginia. It creates an exemption for transfers of real property between siblings and for transfers involving a limited liability company (LLC) that is entirely owned by a single individual. These exemptions apply to the transfer of real property and are intended to simplify the process for these types of transactions.
Key provisions
- Creates an exemption from transfer taxes for transfers of real property between siblings.
- Creates an exemption from transfer taxes for transfers involving a limited liability company (LLC) wholly owned by an individual.
- Specifically addresses transfers within the context of Chapter 22 of the West Virginia Code of Excise Taxes on Privilege of Transferring Real Property.
- Defines key terms related to real property transfers, including ‘association,’ ‘corporation,’ and ‘limited liability company.’
- Clarifies the definition of ‘value’ as it applies to transfer tax calculations.
- Specifies that transfers between parent and child, grandparent and grandchild, and between spouses are exempt from transfer taxes.
- Exempts transfers to or from governmental entities (US, WV, etc.)
Who is affected
- Real estate owners
- Siblings
- Individuals owning LLCs
- Limited Liability Companies
- West Virginia taxpayers
Notable changes
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