Eliminate double taxation on foreign income at the state level

HB 2523 creates a tax credit for West Virginia residents who pay income tax to foreign countries on income also subject to West Virginia tax, preventing double taxation. It directly affects West Virginia residents with foreign-sourced income who already pay foreign income taxes. The credit allows them to offset their West Virginia tax liability by the amount paid to foreign governments, but only when federal tax rules would otherwise cause double taxation. The credit expires on July 1, 2070, as specified in the bill's sunset provision.