West Virginia Repeals the Corporate License Tax

CHARLESTON, W.Va. -- West Virginia State Tax Commissioner Christopher G. Morris today announced two business tax changes including a repeal.

In an effort to promote business growth in the Mountain State, West Virginia Lawmakers passed a bill repealing the Corporate License Tax during the 2008 Legislative session. The State’s Corporate License Tax will be repealed as of July 1, 2008.

“This tax reduction will save all registered corporations roughly $6.7 million per year,“ Morris said. “It is one of several steps taken under the leadership of Governor Joe Manchin to help ease the tax burden on businesses.”

While corporations will no longer be taxed for a corporate license, the Secretary of State’s office will still require an existing $25 annual fee for the office’s annual report. This fee was formerly called the Attorney-In-Fact Fee. To learn more visit the Secretary of State’s office website at www.wvsos.org

As of July 1, 2010, businesses will no longer have to periodically renew their business registration certificate. When implemented this change will save businesses a total of $1.8 million in annual fees and eliminate roughly 100,000 tax return filings each year.

“Businesses registrations are valid for two-years,” Morris said, “Therefore, if a business registers after July 1, 2008 the license certificate issued will be permanent as there will be no need to re-register as of July 1, 2010.” Until that time, there is a $30 fee for those renewing their business registration certificate

To learn more about these tax changes and more log online to the State Tax Department’s website at www.state.wv.us/taxdiv.

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