Source: http://www.legis.state.wv.us/legisdocs/chamber/2017/1X/floor_amends/SB1004%20SFA%20Karnes%205-5%20_2.htm
Timestamp: 2017-10-18 13:26:59
Document Index: 201092340

Matched Legal Cases: ['§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§47', '§47', '§47', '§39', '§47', '§47']

SB1004 SFA Karnes 5-5 #2
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-13A-3f; that §11-15-3, §11-15-9, §11-15-9b and §11-15-9h of said code be amended and reenacted; that said code be amended by adding thereto a new section, designated §11-15-3d; that §11-15A-2 of said code be amended and reenacted; that §11-21-8a and §11-21-8e of said code be amended and reenacted; that said code be amended by adding thereto three new sections, designated §11-21-4g, §11-21-4h and §11-21-12j; that said code be amended by adding thereto a new section, designated §11-24-4c; and that §11-24-23a of said code be amended and reenacted, all to read as follows:
during the reporting period is:........................................... The rate of tax is:
Less than $42 per ton .......................................................................... 2.5%
$42 or more per ton but less than $49 per ton .................................. 3.25%
$49 or more per ton but less than $56 per ton .................................... 4.0%
$56 or more per ton but less than $61 per ton ………………………….4.5%
$61 per ton but less than $70 per ton .................................................. 5.0%
$70 per ton but less than $74 per ton .................................................. 6.5%
$74 per ton but less than $78 per ton .................................................. 8.0%
$78 or more per ton ............................................................................ 10.0%
These rates include the thirty-five one hundredths of one percent additional severance tax imposed by the state for the benefit of counties and municipalities as provided in section six of this article. The rate of tax for each reporting period shall be determined by dividing the gross income of the taxpayer from sales of all steam grade coal during the reporting period, exclusive of sales of thin seam coal, by the tons of all steam grade coal sold by the taxpayer during the reporting period, exclusive of tons of thin seam coal;
(e) (d) No aggregation of separate sales transactions, exception for coin-operated devices.-- Separate sales, such as daily or weekly deliveries, shall not be aggregated for the purpose of computation of the tax even though the sales are aggregated in the billing or payment therefor. Notwithstanding any other provision of this article, coin-operated amusement and vending machine sales shall be aggregated for the purpose of computation of this tax.
(f) (e) Rate of tax on certain mobile homes. -- Notwithstanding any provision of this article to the contrary, after December 31, 2003, the tax levied on sales of mobile homes to be used by the owner thereof as his or her principal year-round residence and dwelling shall be an amount equal to six percent of fifty percent of the sales price: Provided, That on and after July 1, 2017, notwithstanding any provision of this article to the contrary, the tax levied on sales of mobile homes to be used by the owner thereof as his or her principal year-round residence and dwelling shall be an amount equal to seven percent of fifty percent of the sales price.
(g) (f) Construction; custom software. -- After December 31, 2003, whenever Whenever the words "tangible personal property" or "property" appear in this article, the same shall also include the words "custom software".
(h) Notwithstanding any provision of this code to the contrary, on and after July 1, 2017, when the words “six percent” appear in this article or article fifteen-a of this chapter they shall mean the rate of the tax specified in subsection (a) of this section.
(49) (47) Sales of the regulation size United States flag and the regulation size West Virginia flag for display; and
(c) Effective date. – The amendments to this section in 2017 shall take effect beginning July 1, 2017, and apply to sales made on and after that date: Provided, That the amendments to subsection (b) of this section shall take effect May 1, 2017, and shall be construed to prohibit all future transfers to the State Road Fund established in the State Treasury pursuant to section fifty-two, article six of the Constitution, under this section of taxes imposed by this article and article fifteen-a of this chapter.
(g) Notwithstanding any provisions of this code to the contrary, on and after July 1 2017, when the words “six percent” appear in this article, those words shall mean seven percent.
(a) General. – For taxable years beginning on and after January 1, 2018, the tax imposed by section three of this article shall be determined under either subsection (b) or subsection (c) of this section, as appropriate.
(b) Rate of tax on individuals except married individuals filing separate returns, individuals filing joint returns, heads of households, estates and trusts. – The tax imposed by section three of this article on the West Virginia taxable income of every individual, except married individuals filing separate returns; every individual who is a head of a household in the determination of his or her federal income tax for the taxable year; every husband and wife who file a joint return under this article; every individual who is entitled to file his or her federal income tax return for the taxable year as a surviving spouse; and every estate and trust shall be determined in accordance with the following table:
Over $20,000 but not over $35,000 $370.00 plus 3.65% of taxable income over
Over $35,000 $917.50 plus 5.45% of taxable income over
Over $10,000 but not over $17,500 $185.00 plus 3.65% of taxable income over
Over $17,500 $458.75 plus 5.45% of taxable income over
(1) For the tax years beginning on and after January 1, 2019, the personal income tax rates imposed by this article, in each of the income brackets shown in this section, shall be reduced by one-tenth of one percentage point for each $100 million by which the actual general fund revenue collections for the fiscal year ending on June 30 exceeds the actual general revenue collections of the 2017 fiscal year.
(2) Beginning on October 1, 2018, and on October 1 of each subsequent calendar year, the Tax Commissioner shall publish the following information on the Tax Department’s web site along with other relevant publications and documents:
(3) The personal income tax rate reductions mandated by this subsection when conditions are met shall continue until the rates equal zero percent.
(4) Once the rates of the personal income tax imposed by this article have been reduced pursuant to this subsection, these rates shall not again be raised.
(5) Each and every provision of this article is repealed for all tax periods beginning and after January 1 of the first year in which all of the rates in all of the brackets of the personal income tax reach zero percent.
(6) Any and all tax liabilities, if any, arising for taxable periods prior to the date the personal income tax is repealed shall be determined, administered, assessed and collected as if the tax imposed by this article had not been repealed; and the rights and duties of taxpayers and the state shall be fully and completely preserved.
§11-21-4h. Temporary additional tax for calendar years 2017, 2018 and 2019.
For the tax year beginning on January 1, 2017, January 1, 2018, and January 1, 2019, there is hereby imposed in addition to the tax imposed by sections four-e and four-g of this article an additional tax the amount of which is determined as follows:
If West Virginia Taxable Income is.................................... The Additional Tax Is:
Over $300,000 but not over $350,000.................................................. $250
Over $350,000 but not over $400,000.................................................. $350
Over $400,000 but not over $500,000.................................................. $500
Over $500,000.................................................................................... $1,000
(1) Certified historic structures. -- For certified historic structures, the credit is equal to ten percent of qualified rehabilitation expenditures as defined in §47(c)(2), Title 26 of the United States Code, as amended: Provided, That for qualified rehabilitation expenditures made after June 30, 2017, the credit allowed by this section is equal to twenty-five percent of the qualified rehabilitation expenditure: Provided, however, That the credit authorized by this section for qualified rehabilitation expenditures made after June 30, 2017, may not be used to offset tax liabilities prior to the tax year beginning January 1, 2019: Provided further, That the taxpayer may not be entitled to this credit if the taxpayer is in arrears in the payment of any tax administered by the Tax Division or the taxpayer is delinquent in the payment of property taxes on the property containing the certified historic tax structure when the applicant begins to claim the credit and throughout the time period within which the credit is claimed. The Tax Commissioner shall promulgate procedural rules in accordance with article three, chapter twenty-nine-a of this code that provide what information must accompany any claim for the tax credit for the determination that the taxpayer is not in arrears in the payment of any tax administered by the Tax Division nor is the taxpayer delinquent in the payment of property taxes on the property containing the certified historic tax structure. This credit is available for both residential and nonresidential buildings located in this state, that are reviewed by the West Virginia Division of Culture and History and designated by the national park service, United States department of the interior as "certified historic structures," and further defined as a "qualified rehabilitated building," as defined under §47(c)(1), Title 26 of the United States Code, as amended.
(2) The credit authorized pursuant to this section may not exceed the greater of $3.75 million for the portion of a certified rehabilitation as defined in Title 26, §47(c)(2)(C) placed in service in the state in the taxable year, or $3.75 million for each building that is a component of a certified historic structure for which a credit is claimed under this section.
(a) Any unused portion of the credit for qualified rehabilitated buildings investment authorized by section eight-a of this article which may not be taken in the taxable year to which the credit applies qualifies for carryback and carryforward treatment subject to the identical general provisions under §39, Title 26 of the United States Code, as amended: Provided, That the amount of the credit taken in a taxable year shall in no event exceed the tax liability due for the taxable year: Provided, however, That for tax years beginning on and after January 1, 2019, any unused portion of the credit authorized by section eight-a of this article, may not be carried back to any prior taxable year: Provided further, That for tax years beginning on and after January 1, 2019, any unused portion of the credit authorized by section eight-a of this article may be carried over to each of the next ten tax years following the unused credit year until used or forfeited due to lapse of time.
(a) In lieu of the rate of tax specified in section four of this article, for taxable year beginning on and after January 1, 2018, but before January 1, 2020, the tax imposed by section four of this article shall be levied at the rate of 7.5 percent of West Virginia taxable income.
Certified historic structures. -- For certified historic structures, the credit is equal to ten percent of qualified rehabilitation expenditures as defined in §47(c)(2), Title 26 of the United States Code, as amended: Provided, That for qualified rehabilitation expenditures made after June 30, 2017, the credit allowed by this section is equal to twenty-five percent of the qualified rehabilitation expenditure: Provided, however, That the credit authorized by this section for qualified rehabilitation expenditures made after June 30, 2017, may not be used to offset tax liabilities prior to the tax year beginning January 1, 2019; Provided further, That the taxpayer may not be entitled to this credit if the taxpayer is in arrears in the payment of any tax administered by the Tax Division or the taxpayer is delinquent in the payment of property taxes on the property containing the certified historic tax structure when the applicant begins to claim the credit and throughout the time period within which the credit is claimed. The Tax Commissioner shall promulgate procedural rules in accordance with article three, chapter twenty-nine-a of this code that provide what information must accompany any claim for the tax credit for the determination that the taxpayer is not in arrears in the payment of any tax administered by the Tax Division nor is the taxpayer delinquent in the payment of property taxes on the property containing the certified historic tax structure. This credit is available for both residential and nonresidential buildings located in this state that are reviewed by the West Virginia Division of Culture and History and designated by the national park service, United States department of the interior as "certified historic building", and further defined as a "qualified rehabilitated building", as defined under §47(c)(1), Title 26, of the United States Code, as amended.