Senate Bill No. 52
(By Senators Craigo, Sharpe, Minear, Plymale,
Minard, Mitchell, Ball, Boley, Unger, Kessler,
Edgell, Redd, Helmick, Love, Ross, Wooton, Bowman, Bailey,
Dittmar, Fanning, McKenzie and Sprouse)
[Introduced January 13, 2000; referred to the Committee
A BILL to amend and reenact section one, article five, chapter
eleven of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to the assessment
of personal property; and exempting antique motor vehicles
and antique motorcycles from taxable personal property.
Be it enacted by the Legislature of West Virginia:
That section one, article five, chapter eleven of the code
of West Virginia, one thousand nine hundred thirty-one, 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.
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 are not required
to be listed for taxation; nor shall antique motor vehicles or
antique motorcycles as defined in section three-a, article ten,
chapter seventeen-a of this code, be listed for taxation. 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: This bill exempts from taxation antique motor vehicles
and antique motorcycles.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.