HB 5095
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 a tax credit program in West Virginia designed to help low-income workers obtain reliable vehicles. Individuals who donate eligible vehicles to qualified charitable organizations can receive a refundable tax credit of up to $6,000, while licensed automobile dealers can receive a credit based on the reduction in vehicle price. The program is administered by the Tax Commissioner and aims to expand access to employment opportunities for West Virginia residents.
Key provisions
- Individuals can receive a tax credit of up to $6,000 for donating eligible vehicles.
- Automobile dealers can receive a tax credit based on the reduction in vehicle price for vehicles donated to the program.
- Eligible vehicles must meet specific criteria regarding vehicle history, safety recalls, and warranty requirements.
- Low-income workers are defined as those with household incomes at or below 150% of the Federal Poverty Level.
- Qualified charitable organizations must provide low-income workers with affordable financing and financial counseling.
- The Tax Commissioner will track and report on the use of tax credits.
- The total tax credits available will be capped at $300,000 for tax years 2026 and 2027, and $1 million in subsequent years.
- The Tax Commissioner can develop rules to administer the program.
Who is affected
- Individual taxpayers
- Licensed automobile dealers
- Low-income workers
- Qualified charitable organizations
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