Federal
and
State
Tax
UpdateWhat’s
New for
2015
Emily R. Lambright
The start of a new year brings forth new
tax information from the Internal Revenue
Service and the West Virginia State Tax
Department. Listed below are some of
the new tax-related facts and figures for
taxpayers, effective as of year 2015.
West Virginia State Tax News
• The State Tax Department announced
that, new for year 2015, businesses
will no longer be required to pay state
business franchise tax.
• City sales tax expands under the
new The West Virginia Municipal
Home Rule program. The program
allows certain cities in the State to
assess their own sales tax. The West
Virginia Municipal Home Rule Board
announced that 16 cities that applied
for the Home Rule pilot program were
approved and will join Bridgeport,
Charleston, Huntington and Wheeling in assessing
a city sales tax starting later in year 2015. The new
cities are Bluefield, Buckhannon, Charles Town,
Clarksburg, Dunbar, Fairmont, Martinsburg, Milton,
Morgantown, Nitro, Parkersburg, Ranson, Shinnston,
South Charleston, Vienna and Weirton. The board also
approved Charleston’s plan to increase its city sale tax
by a half-cent per dollar.
Federal Tax News
The Internal Revenue Service has announced the
following changes in deductions and limitations:
• The standard deduction has increased to $6,300 from
$6,200 in 2014 for Filing Status Single, to $12,600
from $12,400 for Filing Status Joint or Surviving
Spouse and to $9,250 from $9,100 for Filing Status
Head of Household.
• The personal exemption has increased to $4,000 from
$3,950 in 2014.
• Contribution Amounts to Qualified Plans Increased:
401(k) elective deferral li