Bill
Bill > SB596
WV SB596
WV SB596Eliminating transfer taxes for siblings and for LLC solely owned by individual transferor
summary
Introduced
01/23/2026
01/23/2026
In Committee
01/23/2026
01/23/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
This bill amends the exemptions from excise taxes; adding an exemption for transfers between siblings; and adding an exemption for transfers with a solely-owned limited liability company.
AI Summary
This bill amends existing West Virginia law to create new exemptions from transfer taxes, which are taxes levied on the transfer of property. Specifically, it adds an exemption for transfers of property between siblings, meaning that when one sibling gives or sells property to another, no transfer tax will be charged. Additionally, the bill exempts transfers involving a limited liability company (LLC) if that LLC is solely owned by an individual. An LLC is a business structure that offers limited liability protection to its owners, and this provision aims to simplify tax obligations for individuals who use an LLC as a vehicle for their sole ownership of property.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
To Finance (on 01/23/2026)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=596&year=2026&sessiontype=RS&btype=bill |
| Fiscal Note - County Commissioners' Association of West Virginia | http://www.wvlegislature.gov/Fiscalnotes/FN(2)/fnsubmit_recordview1.cfm?RecordID=955359680 |
| BillText | http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb596%20intr.htm&yr=2026&sesstype=RS&i=596 |
Loading...