CHARLESTON -– On March 5, the West Virginia Legislature passed House Bill 4421, amending various chapters of the West Virginia Code which relate to the corporation license tax, attorney-in-fact fee and annual report filings for business entities. This bill will take effect on July 1.
The intent of the Bill was to eliminate the corporation license tax imposed on businesses (profit and non-profit) and to transfer duties relating to the filing of annual reports and related fees to the Secretary of State's Office.
House Bill 4421 repeals the payment of the corporation license tax which is currently paid initially and each year thereafter by corporations. It also replaces the attorney-in-fact fee that was paid by organizations under WV Code §11-12C-13 with a twenty five dollar ($25) annual report fee pursuant to WV Code §59-1-2a(11)(c).
It further requires the West Virginia Secretary of State's Office to conduct all mailings relating to annual report filings by corporations, limited partnerships, and limited liability companies and to collect the annual report fee, per WV Code §59-1-2a.
Organizations that do not file their annual reports by the due date are at risk of being assessed monetary penalties, and/or being administratively dissolved or revoked.
The annual reports were mailed to all corporations and limited partnerships on May 16, 2008, by the West Virginia Secretary of State's Office and are required to be filed with the West Virginia Secretary of State's Office by July 1, 2008.
If you have questions concerning the new law, please contact the Business and Licensing Division of the West Virginia Secretary of State's Office at (304) 558-8000 or visit www.wvsos.com.