West Virginia Governor Signs Bill Exempting OZ Business Income from State Taxes
West Virginia Gov. Jim Justice signed legislation allowing individuals, partners, members of limited liability companies that are treated as partnerships and other pass-through entities to deduct from state tax liability for 10 years all income directly derived from an opportunity zones (OZ) business located in one of the state’s OZs. H.B. 113 applies to taxable years beginning Jan. 1, 2019, and will end with taxable years beginning after Jan. 2, 2024.