HB 4042
To eliminate property taxes on the farm structures of any farmer producing at least 40% of their income from their farm
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to eliminate property taxes on farm structures for farmers who derive at least 40% of their income from their farm. Specifically, it amends West Virginia code to include a property tax exemption for real property used for farming, provided the owner-farmer resides on the property and meets the income threshold. The bill also establishes a fee for certain nonprofit youth organizations that utilize property exempt under this provision to ensure funding for related programs.
Key provisions
- Exempts real property used for farming from property taxes if the owner-farmer receives at least 40% of their income from the farm.
- Establishes a one-quarter percent fee on gross revenues generated by certain nonprofit youth organizations utilizing property exempt under this bill.
- Directs 25% of the collected fees to the Tourism Promotion Fund.
- Allocates 25% of the collected fees to the sheriff of the county where the property is located.
- Distributes 50% of the collected fees equally to the sheriffs of the county where the property is located and any other county within the same economic development authority.
- Requires a study by West Virginia University to assess the economic impact of the tax exemption.
- Mandates annual reporting to the Joint Committee on Government and Finance regarding the impact on local businesses.
- Addresses potential unfair competition and revenue loss for local businesses.
Who is affected
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