This bill proposes the addition of a new article to the Code of West Virginia, specifically aimed at providing tax credits to facilitate the donation and purchase of reliable and affordable vehicles for low-income working individuals. It establishes refundable tax credits of up to $6,000 for individual taxpayers and licensed automobile dealers who donate or sell eligible vehicles certified by qualified charitable organizations. The bill outlines the criteria for what constitutes an eligible vehicle, including safety and reliability standards, and defines the roles of qualified charitable organizations in providing affordable financing and support services to low-income workers.

Additionally, the bill mandates that the Tax Commissioner track the number and amount of tax credits claimed and allows multiple qualified charitable organizations to utilize a percentage of the total allowable tax credits for the year. It sets a maximum limit of $300,000 for tax credits for the years 2026 and 2027, increasing to $1 million in subsequent years. The Tax Commissioner is also granted rulemaking authority to implement the provisions of this article effectively.

Statutes affected:
Introduced Version: 11-14D-1, 11-14D-2, 11-14D-3