West Virginia Code 11-24-5 – Corporations exempt from tax
The following corporations shall be exempt from the tax imposed by this article to the extent provided in this section:
Terms Used In West Virginia Code 11-24-5
- business income: means income arising from transactions and activity in the regular course of the taxpayer'. See West Virginia Code 11-24-3a
- Internal Revenue Code: means the Internal Revenue Code as defined in section three of this article, as amended and in effect for the taxable year and without regard to application of federal treaties unless expressly made applicable to states of the United States. See West Virginia Code 11-24-3a
- state: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States and any foreign country or political subdivision thereof. See West Virginia Code 11-24-3a
- tax: includes , within its meaning, interest and additions to tax, unless the intention to give it a more limited meaning is disclosed by the context. See West Virginia Code 11-24-3a
- United States: means the United States of America and includes all of the states of the United States, the District of Columbia and United States territories and possessions. See West Virginia Code 11-24-3a
(a) Corporations which by reason of their purposes or activities are exempt from federal income tax: Provided, That this exemption shall not apply to the unrelated business income, as defined in the Internal Revenue Code, of any such corporation if such income is subject to federal income tax.
(b) Insurance companies which pay this state a tax upon premiums and insurance companies that pay the surcharge imposed by subdivision (1) or (3), subsection (f), section three, article two-c, chapter twenty-three of this code.
(c) Production credit associations organized under the provisions of the federal Farm Credit Act of 1933: Provided, That the exemption shall not apply to corporations or associations organized under the provisions of article four, chapter nineteen of this code.
(d) Corporations electing to be taxed under subchapter S of the Internal Revenue Code of 1986, as amended: Provided, That said corporations shall file the information return required by section thirteen-b of this article.
(e) Trusts established pursuant to section one hundred eighty-six, chapter seven, title twenty-nine of the code of the laws of the United States (enacted as section three hundred two (c) of the Labor Management Relations Act, 1947), as amended, prior to January 1, 1967.