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