HB 2766
Providing tax credits to provide vehicles to certain persons
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates tax credits for both individual taxpayers and licensed automobile dealers to encourage the donation or sale of reliable and affordable vehicles to low-income West Virginia workers. Individual taxpayers who donate eligible vehicles can receive a refundable tax credit up to $6,000, while dealers selling or donating eligible vehicles can receive a credit equal to the reduction in sale price. The program is administered by qualified charitable organizations that provide financial counseling and assistance to participating workers.
Key provisions
- Provides a refundable tax credit of up to $6,000 for individuals donating eligible vehicles.
- Offers a tax credit of up to $6,000 for automobile dealers selling or donating eligible vehicles.
- Defines ‘Eligible Vehicle’ based on vehicle history, safety recalls, and a warranty.
- Establishes ‘Low-Income Worker’ criteria based on 150% of the Federal Poverty Level.
- Requires ‘Qualified Charitable Organizations’ to meet specific criteria, including operating a program for low-income workers.
- Sets maximum tax credit amounts of $300,000 for tax years 2021-2022 and $1 million for subsequent years.
- Allows the Tax Commissioner to develop criteria for allocating percentages of tax credits to qualified charitable organizations.
- Requires the Tax Commissioner to track and report on tax credit claims.
Who is affected
- Individual taxpayers
- Licensed automobile dealers
- Low-income workers
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