H. B. 2004

(By Delegate Kiss)
[Introduced February 10, 1993; referred to the
Committee on Finance.]

A BILL to amend article five, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section fourteen, relating to assessment of personal property and allowing businesses to use average inventory levels in prior years for assessment purposes.

Be it enacted by the Legislature of West Virginia:
That article five, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section fourteen, to read as follows:

ARTICLE 5. ASSESSMENT OF PERSONAL PROPERTY.

§11-5-14. Alternative procedure for assessment of business inventory levels.

As an alternative to the assessment procedure that uses inventory on hand in the month during which the assessment is made, a business licensed in this state may elect to averageinventory levels for the prior year for the purpose of providing the assessor with a list of personal property for assessment purposes.

NOTE: The purpose of this bill is to allow businesses to use average inventory levels during the previous year for assessment purposes as an alternative to using inventory levels at the time of the assessment.

This section is new; therefore, strike-throughs and underscoring have been omitted.