West Virginia Franchise Comparison Worksheet
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How to fill out Franchise Comparison Worksheet?
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FAQ
On March 28, 2023, West Virginia Senate Bill 151 (S.B. 151) was signed into law. Under the legislation, pass-through entities may make an annual election to pay an entity level state tax for taxable years beginning on and after January 1, 2022.
The PTE tax rate is the top marginal individual rate for the year: 6.5% for tax year 2022. The PTE tax is calculated on a resident's share of unapportioned income. Owners of an electing PTE are allowed to claim a credit against their West Virginia individual income tax equal to their share of PTE tax paid.
For tax years beginning on or after January 1, 2022, West Virginia uses a single sales factor formula. Under this formula, the numerator includes sales occurring in West Virginia and the denominator includes sales occurring everywhere.
West Virginia's cost of doing business is among the lowest in the country, ranked #10 for best business climate in Business Facilities 2021 State Rankings Report. With a 12% lower cost of living than the US average, your employees will reap the benefits of West Virginia living as well.
The tax rate for West Virginia's PTET is the highest marginal individual income tax rate, which is 6.5% for 2022 and 5.12% for 2023. PTE owners are eligible to receive a non-refundable tax credit for their proportional share of the PTET paid. Unused credits may be carried forward for up to five years.
The business franchise tax was phased out for tax years beginning on or after January 1, 2015. The West Virginia Business Franchise Tax, imposed by Chapter 11, Article 23 of the West Virginia Code, is a tax on the privilege of doing business in this State.
On March 28, West Virginia Gov. Jim Justice signed Senate Bill 151, which allows a qualifying PTE to annually elect to be subject to the personal income tax at the entity level for tax years beginning on or after Jan. 1, 2022.
So, most high-income California taxpayers were paying SALT taxes far in excess of $10,000 per year. PTE tax allows an entity taxed as a partnership or S Corporation to make a tax payment on behalf of its partners. The business pays an elective tax of 9.3% of qualified net income to the Franchise Tax Board.
