Senate Bill No. 5001
(By Senators Tomblin, Mr. President, and Sprouse,
By Request of the Executive)
____________
[Introduced September 10, 2001; referred to the Committee on
Finance.]
____________
A BILL to amend and reenact section twenty-one, article twenty-one,
chapter eleven of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to changing the
property tax year for which the refundable personal income tax
credit is first allowable for certain property taxes paid on
a homestead by low-income senior citizens and permanently and
totally disabled persons.
Be it enacted by the Legislature of West Virginia:
The section twenty-one, article twenty-one, 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 21. PERSONAL INCOME TAX.
§11-21-21. Senior citizens' tax credit for property tax paid on first $10,000 of taxable assessed value of a
homestead in this state
.
(a) Allowance of credit. -- A low-income person who is allowed
a twenty-thousand dollar homestead exemption from the assessed
value of his or her homestead for ad valorem property tax purposes
as provided in section three, article six-b, of this chapter, shall
be allowed a refundable credit against the taxes imposed by this
article equal to the amount of ad valorem property taxes paid on up
to the first ten thousand dollars of taxable assessed value of the
homestead for property tax years that begin on or after the first
day of January two thousand two three.
(b) Terms defined. -- For purposes of this section:
(1) "Low income " means federal adjusted gross income for the
taxable year that is one hundred fifty percent or less of the
federal poverty guideline for the year in which property tax was
paid, based upon the number of individuals in the family unit
residing in the homestead, as determined annually by the United
States Secretary of Health and Human Services.
(2) "Taxes paid" means the aggregate of regular levies, excess
levies and bond levies extended against not more than ten thousand
dollars of the taxable assessed value of a homestead that are paid
during the calendar year, determined after application of any discount for early payment of taxes but before application of any
penalty or interest for late payment of property taxes for a
property tax year that begins on or after the first day of January,
two thousand two three.
(c) Legislative rule. -- The tax commissioner shall propose a
legislative rule for promulgation as provided in article three,
chapter twenty-nine-a of this code to explain and implement this
section.
(d) Confidentiality. -- The tax commissioner shall utilize
property tax information in the statewide electronic data
processing system network to the extent necessary for the purpose
of administering this section, notwithstanding any provision of
this code to the contrary.
NOTE: The purpose of this bill is to change the property tax
year for which the refundable personal income tax credit is first
allowable to low-income senior citizens and permanently and totally
disable persons for payment of property taxes on the first $10,000
of taxable assessed value so that the fiscal year in which the
credit is allowed on personal income tax returns coincides with the
fiscal year in which funding for the credit first becomes available
under Enrolled House Bill 102, as enacted April 21, 2001.
Strike-throughs indicate language in current law that would be
deleted and underscoring indicates new language that would be
added.