This bill amends the Code of West Virginia, specifically section 11-3-9, to introduce a tax exemption for real property used for farming. The exemption is applicable to owner-farmers who reside on the property and derive at least 40 percent of their income from farming activities. The new legal language added states, "(30) Real property and structures situate on the property used for farming, if the owner-farmer resides on the real property and receives at least 40 percent of his or her income from the farm." Additionally, the bill deletes the previous item (30) and renumbers the subsequent items accordingly. The primary goal of this legislation is to provide financial relief to qualifying farmers, thereby promoting agricultural activity and supporting local farming economies in West Virginia. Furthermore, the bill requires a comprehensive report to assess the implications of nonprofit status on unfair business competition and the costs and benefits of the tax exemption to the respective county. The West Virginia University Bureau of Business and Economic Research, in collaboration with the Center for Business and Economic Research at Marshall University, is tasked with conducting a study by January 1, 2020. This study will evaluate the economic impact of the tax exemption and associated fees, including an audit of the county's use of net revenues, and will provide recommendations regarding the continuation of the tax exemption based on its effects on local businesses and the county's financial health.

Statutes affected:
Introduced Version: 11-3-9