Requires lessees of West Virginia real estate to withhold personal income tax on natural resources royalty payments.

West Virginia HB4741 mandates that lessees of West Virginia real estate who make natural resources royalty payments must withhold West Virginia personal income tax on those payments. The withheld tax must be remitted to the Tax Commissioner. The bill outlines exceptions, penalties, and defines terms such as "natural resource" and "natural resources royalty payment." It also grants the Tax Commissioner rulemaking authority to implement these provisions.

Requires lessees of West Virginia real estate to withhold personal income tax on natural resources royalty payments.

West Virginia HB4741 mandates that lessees of West Virginia real estate who make natural resources royalty payments must withhold West Virginia personal income tax on those payments. The withheld tax must be remitted to the Tax Commissioner. The bill outlines exceptions, penalties, and defines terms such as "natural resource" and "natural resources royalty payment." It also grants the Tax Commissioner rulemaking authority to implement these provisions.