HB 2601
Exempting motor vehicles from personal property tax
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to exempt motor vehicles from being classified as personal property for tax purposes in West Virginia. It aims to simplify the tax process for vehicle owners and potentially reduce tax burdens. The bill includes provisions for a fee on certain nonprofit organizations that utilize tax-exempt property, with the revenue distributed to counties and the Tourism Promotion Fund. It also establishes guidelines for assessing property exempt under this law and addresses specific exemptions related to youth development organizations and certain types of properties.
Key provisions
- Exempts motor vehicles from personal property tax.
- Establishes a one-quarter percent fee on gross revenues for certain nonprofit organizations with tax-exempt property.
- Directs revenue from the fee to counties and the Tourism Promotion Fund.
- Provides guidelines for assessors to ensure uniform assessment practices.
- Creates a special account in the State Treasury for fee collections.
- Specifies distribution of fee revenue to counties and youth development organizations.
- Includes provisions for audits and reporting related to the fee.
- Addresses specific exemptions for properties used for youth development, STEAM programs, and certain other charitable purposes.
Who is affected
- Vehicle Owners
- Taxpayers
- Counties
- Nonprofit Organizations
- The State Government
Notable changes
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