Bill > HB2162

This bill proposes to repeal the tax exemption for credit unions in West Virginia by removing the entire section related to tax exemption (§31C-2-8) from the existing law. Credit unions are financial institutions similar to banks but typically owned by members and traditionally exempt from paying certain taxes due to their non-profit cooperative structure. By eliminating this tax exemption, credit unions would now be required to pay taxes like other financial institutions, which could potentially increase their operational costs and potentially impact the financial services they provide to their members. The bill is a straightforward legislative action that would change the tax treatment of credit unions in the state, likely with the intent of generating additional tax revenue or creating a more uniform tax environment for financial institutions.

Budget and Finance, Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=2162&year=2025&sessiontype=RS&btype=bill