Senate Bill No. 742

(By Senators Yoder, Boley and Deem)

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[Introduced February 19, 2007; referred to the Committee on Finance.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-5-15, relating to exempting airplanes from the personal property tax.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-5-15, to read as follows:
ARTICLE 5. ASSESSMENT OF PERSONAL PROPERTY.
§11-5-15. Exemption of airplanes; County assessors' option to waive taxation of certain planes.

The county assessor has the option of waiving taxation under the provisions of this article on any airplane that is hangared in this state for storage or maintenance purposes or both, and is not registered to a West Virginia resident.

NOTE: The purpose of this bill is to exempt airplanes not registered to West Virginia residents that are hangared in West Virginia for storage or maintenance purposes from personal property tax.

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