Bill > SB52

This bill proposes to modify the definitions and exemptions related to transfer taxes in West Virginia, specifically focusing on clarifying what constitutes a taxable document and how its value is determined. The bill adds transfers between siblings to the list of exempt transfers and removes several existing exemptions, such as transfers of real property valued at $100 or less and transfers that were previously considered gifts. It also adjusts the definition of "value" by eliminating the specific mention of gifts and instead incorporating them into a broader calculation method. The changes aim to close potential loopholes in transfer tax regulations by more precisely defining what transfers are subject to taxation and how their value should be assessed. Key terms like "document," "transaction," and "value" are carefully defined to provide clarity about when transfer taxes apply, ensuring that more property transfers will be captured under the taxation framework while maintaining some exemptions for specific types of transfers between family members and certain types of organizations.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=52&year=2025&sessiontype=RS&btype=bill