This bill amends the Code of West Virginia to introduce a new tax exemption for real property utilized for farming. The exemption applies specifically to owner-farmers who reside on the property and earn at least 40 percent of their income from farming activities. This new provision is added as item (30) in the existing list of property exemptions under section 11-3-9, with the previous item (30) being renumbered to (31). The bill also retains existing tax exemption provisions for properties owned by government entities, educational institutions, and nonprofit organizations, while clarifying that properties purchased to evade taxation will not qualify for the exemption.

In addition to the tax exemption, the bill requires a comprehensive report to evaluate the implications of nonprofit status on business competition and the overall costs and benefits of the tax exemption and associated fees to the 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 this study by January 1, 2020. The aim is to assess the economic impact of the tax exemption on the county and surrounding regions, including its effects on other businesses and the financial implications for the county, thereby supporting local agriculture and promoting economic stability in rural communities.

Statutes affected:
Introduced Version: 11-3-9