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West Virginia’s corporate net income tax rate will drop to 7 percent beginning Jan. 1, 2013.
West Virginia Code requires the corporate net income tax rate to decrease from 7.75 to 7 percent if the Reserve balance equals or exceeds 10 percent of the General Revenue Fund budgeted for the fiscal year starting July 1. The General Revenue budget for fiscal year 2013 is more than $4 billion. Reserve funds are currently valued at more than $850 million, which is more than 20 percent of the General Revenue Fund Budget.
The tax will drop to 6.5 percent in 2014, as long as the state once again meets Rainy Day Fund requirements.
The information obtained herein is accurate to the best of our knowledge and is not a substitute for tax laws or regulation. The state is not liable for any damages resulting from any information that unintentionally may be inaccurate or untimely.
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