West Virginia SB397 proposes a phased reduction in corporate net income tax rates over several years.

West Virginia SB397 outlines a plan to gradually reduce corporate net income tax rates. It specifies different tax rates for various periods starting from 1983 to 2027, with rates decreasing from 8.75% to 6%. The bill also includes provisions for suspending tax reductions if certain financial conditions are not met. This bill affects all domestic and foreign corporations operating in West Virginia, excluding those exempt under specific sections.

West Virginia SB397 proposes a phased reduction in corporate net income tax rates over several years.

West Virginia SB397 outlines a plan to gradually reduce corporate net income tax rates. It specifies different tax rates for various periods starting from 1983 to 2027, with rates decreasing from 8.75% to 6%. The bill also includes provisions for suspending tax reductions if certain financial conditions are not met. This bill affects all domestic and foreign corporations operating in West Virginia, excluding those exempt under specific sections.