Eliminate double taxation on foreign income at the state level

HB 4125 creates a tax credit for West Virginia residents who pay income taxes to foreign countries on income also subject to West Virginia taxation, preventing double taxation. It directly affects West Virginia residents earning foreign income who have already paid taxes to foreign governments. The bill allows a credit against West Virginia taxes equal to foreign taxes paid, but only if double taxation would otherwise occur after federal tax rules apply. The credit expires on July 1, 2070, as specified in the bill's sunset provision.