General

1.1. Scope. -- This rule provides guidance relating to the disclosure and regulation of tax shelters created to avoid paying state income taxes.

1.2. Authority. -- W. Va. Code §§11-10E-2 and 11-10-5.

1.3. Filing Date. -- May 3, 2007.

1.4. Effective Date. -- June 1, 2007.

§11-10J-2. Purpose.

2.1. The Tax Commissioner is required by W. Va. Code §11-10E-2 to establish and administer a tax shelter voluntary compliance program for eligible taxpayers that are subject to either Personal Income Tax imposed under W. Va. Code §11-21-1 et seq., or Corporation Net Income Tax imposed under W. Va. Code §11-24-1 et seq. The voluntary compliance program is to be conducted from August 1, 2006 through November 1, 2006. The voluntary compliance program is to apply to personal income tax and corporation net income tax liabilities attributable to the use of tax avoidance transactions for taxable years beginning before January 1, 2006.

2.2. This rule will provide continuing administrative and regulatory guidance over certain tax shelters used to avoid paying West Virginia income tax.