Creating tax exemption for agricultural cooperative associations

HB 2060 creates a tax exemption for agricultural cooperative associations in West Virginia, directly affecting these organizations operating under Chapter 19 of the state code. The bill exempts qualifying cooperatives from the business and occupation tax on their in-state units starting January 1, 2025, with proration for any tax year containing that date. It defines "agricultural cooperative association" as organizations formed under §19-4-1, which include entities handling agricultural products, food, and related services. The exemption applies retroactively to January 1, 2025, and aligns with existing cooperative association laws. This policy change reduces tax liability for these specific agricultural cooperatives operating within the state.