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West Virginia Senate Approves Bill Exempting OZ Business Income from State Taxes

Tuesday, June 25, 2019 - 2:00PM

The West Virginia Senate unanimously approved legislation to allow individuals and partnerships or limited liability companies to exempt from state tax liability certain income from an opportunity zone (OZ) business. H.B. 113 would cover net income derived directly from an OZ and would be in effect for taxable years beginning Jan. 1, 2019 through those beginning Jan. 1, 2024. The bill now goes to Gov. Jim Justice, who vetoed a similar bill in March, but suggested changes that are included in this version of the legislation.

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