H. B. 2412
(By Delegates Perdue, Mahan and Boggs)
[Introduced February 16, 2005; referred to the
Committee on Finance.]
A BILL to amend and reenact §11-5-1 of the Code of West Virginia,
1931, as amended, relating to personal property taxes; and
exempting from personal property taxation the equipment,
inventory and raw materials of crafts people who have had
their work evaluated and accepted or juried and accepted by
the West Virginia Arts and Crafts Guild or by a similar
organization.
Be it enacted by the Legislature of West Virginia:
That §11-5-1 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 5. ASSESSMENT OF PERSONAL PROPERTY.
§11-5-1. What personal property taxable.
All personal property belonging to persons residing in this
State, whether such property be in or out of the State, and all
personal property in the State, though owned by persons residing out of the State, shall be entered in the personal property book,
and be subject to equal and uniform taxation, except as classified
in section four, article eight of this chapter, unless especially
exempted by law; but personal property of all classes, except as
hereinbefore provided, belonging to the residents of this State,
which is actually and permanently located in another state, and by
the laws of such other state is subject to taxation and is actually
taxed in such other state, shall not be entered on the personal
property book, or be taxed in this State. But the shares of
capital stock owned by residents of this State in corporations
actually located in other states, and whose property is taxed by
the laws of such other state, shall not be required to be listed
for taxation.
Notwithstanding any other provision of this code to
the contrary, the equipment, inventory and raw materials of crafts
people who have had their work evaluated and accepted or juried and
accepted by the West Virginia Arts and Crafts Guild or by a
similar organization in this State shall not be taxed as provided
in this section. Any person who at any time before the assessment
year transfers by loan, deposit or gift, any notes, bonds, bills
and accounts receivable, stocks and other intangible personal
property, which are subject to taxation to anyone, who does not
return a list of taxation as of the day on which the assessment
year commences including such property, transfers, loans, deposits
or gifts, if made with intention of evading taxation, shall be deemed and treated as illegal and fraudulent and the assessor shall
assess such property for taxation to the party who makes such
transfers, loans, deposits or gifts as aforesaid.
NOTE: The purpose of this bill is to exempt from personal
property taxation, the equipment, inventory and raw materials of
crafts people who have had their work evaluated and accepted or
juried and accepted by the West Virginia Arts and Crafts Guild or
by a similar organization.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.