This bill amends the Code of West Virginia, specifically section 11-3-9, to introduce a new tax exemption for real property utilized for farming. The exemption is applicable to owner-farmers who reside on the property and earn at least 40 percent of their income from farming activities. The new legal language designates this exemption as item (30), while the previous item (30) has been renumbered to (31). The bill retains existing provisions for other types of property exempt from taxation, such as those owned by government entities, educational institutions, and nonprofit organizations, while also ensuring that properties purchased to evade taxation remain ineligible for exemption.

Furthermore, the bill requires a comprehensive report to evaluate the implications of nonprofit status on business competition and the costs and benefits of the tax exemption for the respective county. This report will be conducted by the West Virginia University Bureau of Business and Economic Research in partnership with the Center for Business and Economic Research at Marshall University, with findings expected by January 1, 2020. The study aims to assess the economic impact of the tax exemption, including its effects on other businesses and the overall financial implications for the county, thereby supporting local agriculture and promoting economic stability in rural communities.

Statutes affected:
Introduced Version: 11-3-9