Senate Bill No. 62
(By Senators Barnes, Sypolt and Nohe)
[Introduced January 11, 2012; referred to the Committee on Transportation and Infrastructure; and then to the Committee on Finance.]
A BILL to amend and reenact §11-5-1 of the Code of West Virginia, 1931, as amended, relating to the assessment of personal property; and exempting motor vehicles, including automobiles, motorcycles, airplanes, trucks and tractors, that are older than twenty-five years from taxable personal property.
Be it enacted by the Legislature of West Virginia:
That §11-5-1 of the Code of West Virginia, 1931, 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 that 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 is 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. But 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 not be is not required to be listed for taxation. Nor will any motor vehicle older than twenty-five calendar years, including automobiles, motorcycles, airplanes, trucks and tractors, be listed for taxation: Provided, That automobiles and motorcycles shall display valid current antique licenses and may not be used for daily transportation. 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 motor vehicles, including automobiles, motorcycles, airplanes, trucks and tractors, that are older than twenty-five years from taxable personal property. The bill also requires automobiles and motorcycles to display valid current antique licenses and may not be used for daily transportation.
Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.