The bill amends the Code of West Virginia, specifically section 11-3-9, to introduce a new exemption for private passenger automobiles that are 25 years old or older from personal property taxation, which is added as subsection (29). The previous subsection (29) is renumbered to (30). The legislation retains existing exemptions for various properties, including those owned by government entities, educational institutions, and nonprofit organizations, while ensuring that properties purchased to evade taxation remain taxable.

Furthermore, the bill outlines conditions for ad valorem tax exemptions for nonprofit organizations, particularly concerning unrelated business taxable income. It establishes a fee of one and one-quarter percent on gross revenues from certain activities on exempt properties, with provisions for distributing these fees to support local tourism and educational programs. The bill also mandates a report on unfair business competition related to nonprofit status and requires a study by West Virginia University and Marshall University to evaluate the economic impact of the tax exemption and associated fees by January 1, 2020.

Statutes affected:
Introduced Version: 11-3-9