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 adds this exemption as subsection (29), while renumbering the existing subsections accordingly. The bill preserves existing exemptions for various property types, including those owned by government entities, educational institutions, and nonprofit organizations, while ensuring that properties purchased to evade taxation remain taxable.

Furthermore, the bill introduces provisions for the taxation of properties owned by nonprofit organizations that generate unrelated business taxable income, requiring these properties to pay a fee of one and one-quarter percent on gross revenues. The collected fees will be allocated to various funds, including the Tourism Promotion Fund and local sheriffs, to support educational programs and address potential unfair competition with local businesses. Additionally, the bill mandates a report assessing any unfair business competition from nonprofit status and analyzing the costs and benefits of the tax exemption and associated fees, with a study to be conducted by West Virginia University and Marshall University by January 1, 2020.

Statutes affected:
Introduced Version: 11-3-9