West Virginia Tax Increase Clause

State:
Multi-State
Control #:
US-OL19033GA
Format:
Word; 
PDF
Instant download

Description

This form is a clause regarding additional rent element of an office lease providing for tax increases. The tax increases pertain to assessments and special assessments levied, assessed or imposed upon the building and/or the land under, including any land(s) dedicated to the use of, the building, by any governmental bodies or authorities.

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FAQ

West Virginia income tax updates West Virginia's governor signed House Bill 2526 into law on March 7, 2023. The bill slashed individual income tax rates by an average of 21.25%, making it the largest tax cut in the state's history.

Option 1: Sign into your eFile.com account, modify your Return and download/print WV Form IT-140 under My Account. Check the "Amended return" box to report that it's an amended tax return. Option 2: If you don't have an eFile.com account follow the step by step instruction on how to prepare a tax return/amendment.

In 2022 and beyond, all Social Security benefits will be exempt from taxes in West Virginia.

On March 7, 2023, Governor Jim Justice signed HB 2526 immediately reducing the income tax in tax year 2023 by an average of 21.25%. The bill also provides for a number of refundable tax credits for payment of property taxes.

There are seven federal income tax rates in 2023: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your taxable income and filing status determine which tax brackets and rates apply to you.

The bill contains provisions for additional annual personal income tax rate cuts in future years beginning as early as 2025 to the extent that actual State revenue growth exceeds consumer inflation. These triggers put West Virginia on a pathway toward complete elimination of the personal income tax.

All real and tangible personal property, with limited exceptions, is subject to property tax. As of July 1 each year, the ownership, use and value of property are determined for the next calendar tax year. However, public service business property is assessed based upon operations as of December 31 each year.

The bill contains provisions for additional annual personal income tax rate cuts in future years beginning as early as 2025 to the extent that actual State revenue growth exceeds consumer inflation. These triggers put West Virginia on a pathway toward complete elimination of the personal income tax.

Standard deduction increase: For tax year 2023, the standard deduction increased to $13,850 for single filers and $27,700 for married couples filing jointly. Tax brackets increase: Income tax brackets went up in 2023 to account for inflation.

Below is a representative, nonexclusive list of property that may be exempt from property tax: The first $20,000 of assessed value of owner-occupied residential property owned by a person age 65 or older or by a person who is permanently and totally disabled is exempt.

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West Virginia Tax Increase Clause