SB742 HFIN AM
The Committee on Finance moves to amend the bill on page one, following the enacting clause by striking the remainder of the bill and inserting in lieu thereof the following:
"That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new article, designated §11-6H-1, §11-6H-2, §11-6H-3, §11-6H-4, §11-6H-5 and §11-6H-6, all to read as follows:
ARTICLE 6H. SPECIAL METHOD FOR VALUATION OF AIRCRAFT.
§11-6H-1. Short title.
This article shall be known and cited as the "Aircraft Valuation Act".
§11-6H-2. Definitions.
(a) When used in this article, or in the administration of this article, terms defined in subsection (b) of this section have the meanings ascribed to them by this section, unless a different meaning is clearly required by the context in which the term is used.
(b) Terms defined.
(1) "Aircraft" includes any airplane or helicopter hangered in this state for storage or maintenance purposes or both.
(2) "Person" means and includes any state, or its political subdivisions or an agency of the state of West Virginia or its political subdivisions, or any individual, firm, partnership, joint venture, joint stock company, the government of the United States or its agencies, any public or private corporation, municipal corporation, cooperative, estate, trust, business trust, receiver, executor, administrator, any other fiduciary, any representative appointed by order of any court or otherwise acting on behalf of others, or any other group or combination acting as a unit.
(3) "Salvage value" means the lower of fair market salvage value or five percent of the original cost of the property.
§11-6H-3. Valuation of aircrafts.
Notwithstanding any other provision of this code to the contrary, the value of an aircraft, for the purpose of ad valorem property taxation under this chapter and under Article X of the Constitution of this State, shall be its salvage value.
§11-6H-4. Initial determination by county assessor.
The assessor of the county in which an aircraft is located shall determine, in writing, whether that aircraft is subject to valuation in accordance with this article. Upon making a determination that a taxpayer has an aircraft subject to valuation in accordance with this article, the county assessor shall notify the tax commissioner of that determination, and shall provide such information to the tax commissioner as the tax commissioner may require relating to that determination.
§11-6H-5. Protest and appeal.
At any time after the aircraft is returned for taxation but prior to the first day of January of the assessment year, any taxpayer may apply to the county assessor for information regarding the issue of whether the taxpayer's aircraft should be subject to valuation in accordance with this article. If the taxpayer believes that some portion of the taxpayer's property is subject to the provisions of this article, the taxpayer shall file objections in writing with the county assessor. The county assessor shall decide the matter by either sustaining the protest and making proper corrections, or by stating, in writing if requested, the reasons for the county assessor's refusal. The county assessor may, and if the taxpayer requests, the county assessor shall, before the first day of January of the assessment year, certify the question to the tax commissioner in a statement sworn to by both parties, or if the parties are unable to agree, in separate sworn statements. The sworn statement or statements shall contain a full description of the property and any other information which the tax commissioner may require.
The tax commissioner shall, as soon as possible on receipt of the question, but in no case later than the twenty-eighth day of February of the assessment year, instruct the county assessor as to how the property shall be treated. The instructions issued and forwarded by mail to the county assessor are binding upon the county assessor, but either the county assessor or the taxpayer may apply to the circuit court of the county for review of the question of the applicability of this article to the property in the same fashion as is provided for appeals from the county commission in section twenty-five, article three of this chapter. The tax commissioner shall prescribe forms on which the questions under this section shall be certified and the tax commissioner has the authority to pursue any inquiry and procure any information which may be necessary for disposition of the matter.
§11-6H-6. Effective date.
This article shall be effective on and after the first day of July, two thousand seven."