COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 227
(By Senators Bailey, Bowman, Foster, Hunter, Love,
Sharpe, Unger, Minard, Dempsey, Jenkins and Weeks)
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[Originating in the Committee on Finance;
reported March 22, 2005.]
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A BILL to amend and reenact §11-5-1 of the Code of West Virginia,
1931, as amended, relating to exempting one motor vehicle
owned by a resident of this state on active duty in the United
States military from ad valorem taxes for any taxable year the
person is on active duty.
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 the 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 the other state is subject to taxation and is
actually taxed in
such the other state, shall not be entered on the
personal property book or be taxed in this state:
Provided, That
one motor vehicle, located in this state while the owner or part
owner is a resident of this state and is serving on active duty in
the military services of the United States and is stationed outside
this state on the first day of July of any assessment year is
exempt from the ad valorem property taxes for that tax year. 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 the other state, shall not be required
to 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 the property, transfers, loans,
deposits or gifts, if made with intention of evading taxation,
shall be deemed and treated as is illegal and fraudulent and the assessor shall assess
such the property for taxation to the party
who makes
such the transfers, loans, deposits or gifts as
aforesaid.