WV HB2060

Agricultural cooperative associations organized under West Virginia law are exempt from the business and occupation tax on units they own or lease in the state, effective January 1, 2025

The exemption applies retroactively to January 1, 2025, with tax liability prorated for taxable years that span that date

Expands the definition of "qualified activity" for cooperative associations to include purchasing or acquiring insurance to cover agricultural equipment and products

Explicitly adds the business and occupation tax exemption to the list of conflicting laws that do not apply to agricultural cooperative associations