West Virginia SB405 establishes withholding tax on natural resources royalty payments for nonresidents by lessees.

West Virginia SB405 amends the state tax code to introduce withholding tax on income from natural resources royalty payments for nonresidents by lessees. The bill defines "natural resources royalty payment" and outlines the withholding requirements for lessees. It mandates that lessees withhold tax from payments to nonresident lessors and submit annual reconciliations and withholding statements to the Tax Commissioner.

West Virginia SB405 establishes withholding tax on natural resources royalty payments for nonresidents by lessees.

West Virginia SB405 amends the state tax code to introduce withholding tax on income from natural resources royalty payments for nonresidents by lessees. The bill defines "natural resources royalty payment" and outlines the withholding requirements for lessees. It mandates that lessees withhold tax from payments to nonresident lessors and submit annual reconciliations and withholding statements to the Tax Commissioner.