This bill amends the Code of West Virginia, specifically section 11-3-9, to introduce a personal property tax exemption for fully disabled veterans, defined as those with a 100% disability rating from the Armed Forces. The new legal language states, "Any personal property belonging to fully disabled veterans," will be exempt from taxation, aimed at providing financial relief to these veterans. Additionally, the bill deletes the previous item (30) from the list of property exemptions and renumbers the subsequent items, reinforcing the focus on supporting disabled veterans by alleviating their tax burdens.

Furthermore, the bill mandates a comprehensive report assessing the implications of nonprofit status on business competition, as well as the costs and benefits of tax exemptions and associated fees for counties. This report, to be conducted by the West Virginia University Bureau of Business and Economic Research in collaboration with the Center for Business and Economic Research at Marshall University, will also include an audit of counties' net revenue usage. By January 1, 2020, the universities are required to study the economic impact of the tax exemption and fees, providing recommendations on the continuation of these provisions and evaluating their effects on local businesses and county costs.

Statutes affected:
Introduced Version: 11-3-9