HB 104 Relating generally to taxation

About HB-104

The purpose of this bill is to provide increased funding for the General Revenue Fund by imposing severance tax on the privilege of producing coal and natural gas at graduated rates after June 30, 2017; increasing the rate of the consumers sales and service tax and use tax to 7 percent beginning July 1, 2017; imposing sales and use taxes on telecommunication services and ancillary telecommunication services beginning July 1, 2017. Eliminating exemptions from sales tax as of July 1, 2017, for services provided by health and fitness clubs and providers of primary opinion research and making technical corrections; exempting military retirement from personal income tax after December 31, 2018; imposing a temporary additional personal income tax on persons with West Virginia taxable incomes of $300,000 or more; collapsing the number of bracket in the personal income tax, specifying new rates of tax for taxable years beginning on and after specified first day of January 1, 2019 and providing for phase-out of personal income tax over period of years when certain conditions exist. The credits against personal and corporation net income taxes for qualified rehabilitation expenditures made after December 31, 2017 are increased; rules are provided for claiming credit and for disallowance of credit. The rate of the corporation net income tax is temporarily increased to 7.5 percent for taxable years beginning on or after January 1, 2018 but before January 1, 2020.