SB 150
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 old or older from being assessed for personal property taxes in West Virginia. The bill amends existing state law to include this exemption, aligning with similar provisions for other types of property. It also introduces a fee structure for certain nonprofit organizations that utilize property exempt under this provision, with the revenue generated being distributed to various state funds and counties.
Key provisions
- Exempts private passenger automobiles that are 25 years or older from personal property taxes.
- Establishes a one-and-one-quarter percent fee on gross revenues for certain nonprofit organizations utilizing property exempt under this bill.
- Directs 25% of the collected fees to the Tourism Promotion Fund.
- Directs 25% of the collected fees to the sheriff of the county where the property is located.
- Directs 50% of the collected fees to counties with a shared economic development authority for STEAM programs.
- Requires annual reports to the Governor and Legislature regarding the use of fees.
- Includes provisions for assessing potential impacts on local businesses and conducting economic studies.
- Addresses the application of the exemption to leased properties.
Who is affected
- Vehicle Owners
- Taxpayers
- Nonprofit Organizations
- Counties
- West Virginia State Government
Notable changes
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