Source: http://www.wvlegislature.gov/legisdocs/chamber/2017/1X/floor_amends/SB1004%20SFA%20Karnes%205-5%20_3.htm
Timestamp: 2018-06-25 14:03:28
Document Index: 605520333

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

SB1004 SFA Karnes 5-5 #3
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 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:
$49 or more per ton but less than $56 per ton.................................... 4.0%
$61 per ton but less than $66 per ton .................................................. 6.5%
$66 per ton but less than $74 per ton .................................................. 7.0%
Over $20,000 but not over $35,000 $370.00 plus 3.70% of taxable income over
Over $35,000 but not over $300,000 $925.00 plus 5.45% of taxable income over
$300,000 or more $15,367.50 plus 6.0% of taxable income
Over $10,000 but not over $17,500 $185.00 plus 3.70% of taxable income over
Over $17,500 but not over $150,000 $462.50 plus 5.45% of taxable income over
$150,000 or more $7,683.75 plus 6.0% 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, except for persons with West Virginia taxable incomes of $300,000 or more, or $150,000 or more in the case of married persons filing separately, shall be reduced by one-tenth of one percentage point for each $110 million by which the actual general fund revenue collections for the fiscal year ending on June 30 of the immediately preceding fiscal year exceeds the actual general revenue fund collection for the fiscal year immediately preceding the most recent fiscal year. For example, actual collections in the fiscal year ending June 30, 2018 are compared with actual collections in the fiscal year ending June 30, 2017: Provided: That for calendar years beginning on and after January 1, 2021, the rate of tax on West Virginia taxable income of $300,000 or more shall reduce to the rate of tax imposed on West Virginia taxable income in excess of $35,000, as adjusted by this subsection (d) except that in the case of married persons filing separately with West Virginia taxable incomes of $150,000 or more, the rate of tax shall reduce to the rate of tax imposed on West Virginia taxable incomes in excess of $17,500 as adjusted by this subsection (d).
(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:
(C) The difference between general revenue collections for the most recently concluded fiscal year and the general revenue collection for the fiscal year immediately preceding the most recently completed fiscal year;