West Virginia HB4125 alleviates double taxation on foreign income at the state level.

West Virginia HB4125 amends the personal income tax to alleviate double taxation on foreign income at the state level. It allows a credit for income tax paid to another state or a foreign country on income derived from and subject to tax in West Virginia. The credit cannot reduce the tax due below what it would have been without the foreign income. The bill sunsets the credit for income tax paid on foreign income in 2070.

West Virginia HB4125 alleviates double taxation on foreign income at the state level.

West Virginia HB4125 amends the personal income tax to alleviate double taxation on foreign income at the state level. It allows a credit for income tax paid to another state or a foreign country on income derived from and subject to tax in West Virginia. The credit cannot reduce the tax due below what it would have been without the foreign income. The bill sunsets the credit for income tax paid on foreign income in 2070.