Introduced Version
Senate Bill 49 History
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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 49
(By Senators Barnes and Blair)
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[Introduced February 13, 2013; referred to the Committee on
Transportation and Infrastructure; and then to the Committee on
Finance.]
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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. Motor vehicles older than
twenty-five calendar years, including automobiles, motorcycles,
airplanes, trucks and tractors, are not required to be listed for
taxation. Automobiles and motorcycles are required to 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 provides that these 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.