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Below is a snapshot of key features of West Virginia's tax system. (Scroll Down)
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State & Local Revenue (FY10)
- General Revenue, Own-Source (GROS): $10.0 billion
- General Revenue as a Share of Income: 17.2%
- Tax Revenue: $6.5 billion
- Tax Revenue as Share of income: 11.1%
- Personal Income Tax (Share of Tax Revenue): 23.5% (19 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 3.7 % ( 12 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 37.5 % ( 17 out of 51)
- Property Tax (Share of Tax Revenue): 21.3 % ( 43 out of 51)
- Other Taxes (Share of Tax Revenue): 13.9 % (5 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: 3.0% - 6.5%
- Standard Deduction: None
- Personal Exemption: $2,000
- Dependent Exemption: $2,000
- Earned Income Tax Credit (EITC): None
- Offers low-income credit designed to offset personal income taxes
Corporate Income Tax Features (2012)
- Range of Tax Rates: 7.75%, phasing down to 6.5% by 2014
- Income Level at Which Top Rate Applies: All
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 25%
- Apportionment Factor (Property): 25%
- Apportionment Factor (Sales): 50%
Sales Tax Features (2012)
- State Sales Tax Rate: 6.00%
- Average Local Sales Tax Rate: 0.05%
- Average Combined State & Local Sales Tax Rate: 6.05%
- State Sales Tax Treatment of Groceries: 1%
- Local Sales Tax Treatment of Groceries: Taxed
- Number of Services Taxed: 105 out of 168 surveyed
- Streamlined Sales Tax Membership: Full
- State and local sales taxes on groceries will be eliminated July 1, 2013
Property Tax Features (2012)
- Comparatively low property taxes.
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.334
- Diesel Tax Rate (per gallon): $0.321
- Cigarette Tax Rate (per pack): $0.55
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $116
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: None
Last Updated October 4, 2012
Sources & Glossary
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