This bill proposes an amendment to the Code of West Virginia, specifically section 11-3-9, to exempt private passenger automobiles that are 25 years old or older from personal property taxation. The new legal language includes the insertion of "Private passenger automobiles that are 25 years old or older" as a tax-exempt category, while also renumbering subsequent items in the list of exempt properties to accommodate this addition. The aim of this legislation is to provide financial relief to owners of vintage automobiles, acknowledging their historical and cultural significance, and to encourage the preservation of classic cars in West Virginia.

In addition to the tax exemption, the bill mandates a comprehensive report to assess the implications of nonprofit status on unfair business competition, as well as the costs and benefits of tax exemptions and associated fees to counties. 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 fee on the county and surrounding region, providing recommendations on the continuation of such provisions based on their effects on local businesses and county expenses.

Statutes affected:
Introduced Version: 11-3-9