West Virginia ~ Corporate Income Tax: Rate Decrease Scheduled for 2012

West Virginia Gov. Earl Ray Tomblin and State Tax Commissioner Craig Griffith have announced that the state corporate net income tax rate will decrease from 8.5% to 7.75% beginning January 1, 2012. The decrease is mandated by Section 11-24-4(6) of the West Virginia Code if the Revenue Fund Shortfall Reserve balance equals or exceeds 10% of the General Revenue Fund budgeted for the fiscal year starting July 1. The reserve funds are currently valued at more than 16% of the General Revenue Fund Budget. The rate is scheduled to decrease again to 7% in 2013 and to 6.5% in 2014 if reserves are at or above 10% of the General Revenue in the next two fiscal years. The full press release can be accessed at www.governor.wv.gov.

Press Release, West Virginia Gov. Earl Ray Tomblin, July 6, 2011

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