Phasing out corporate net income tax over 4 years

Summary

Senate Bill 735 would amend the state’s corporate net income tax code to reduce the tax rate by 25 % each year for four consecutive years, beginning with the 2027 tax year, and ultimately phase the tax out completely. The change applies to all domestic and foreign corporations that conduct business or earn income in West Virginia, except those already exempt under existing law. Proponents argue it will make the state more attractive to businesses, while critics note it could reduce state revenue.

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