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 introduces a subsection (29) that explicitly states this exemption, while also renumbering the existing subsections to maintain the legal structure. This change aims to provide financial relief to owners of vintage vehicles, acknowledging their historical and cultural significance.

In addition to the tax exemption, the bill requires a report to evaluate any unfair business competition resulting from the establishment of nonprofit status, as well as an analysis of the costs and benefits associated with the tax exemption and related fees for 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 a study by January 1, 2020, to assess the economic impact of this tax exemption and its implications for local businesses and the county's financial responsibilities.

Statutes affected:
Introduced Version: 11-3-9