SB 807
Exempting automobiles 25 years or older from personal property taxes
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to exempt private passenger automobiles that are 25 years or older from being assessed for personal property taxes in West Virginia. The bill amends existing code to include this exemption. It also establishes a fee structure for properties that benefit from this exemption, with revenues allocated to the Tourism Promotion Fund and county sheriffs. Specifically, properties owned by nonprofit youth organizations are subject to a one-quarter percent fee on gross revenues.
Key provisions
- Exempts private passenger automobiles 25 years or older from personal property taxes.
- Establishes a one-quarter percent fee on gross revenues for properties benefiting from the automobile exemption.
- Allocates revenue from the fee to the Tourism Promotion Fund and county sheriffs.
- Specifies how the revenue will be distributed among counties.
- Requires annual reports from the Tourism Commission and a study by WVU and Marshall University regarding the economic impact of the exemption.
- Addresses potential unfair competition with local businesses.
- Defines ‘owner’ for the purposes of the exemption.
- Outlines procedures for severing property for assessment and taxation.
Who is affected
- Vehicle Owners
- Taxpayers
- County Sheriffs
- West Virginia State Government
- Nonprofit Organizations (specifically youth development organizations)
Notable changes
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