WEST virginia Legislature

2018 regular session

Introduced

House Joint Resolution 102

By Delegate Deem

[ Introduced January 11, 2018 ; Referred
to the Committee on Finance then to the Judiciary]

Proposing an amendment to the Constitution of the State of West Virginia, amending article X thereof by adding thereto a new section, designated section one-d, relating to exempting personal property held in a business inventory, and business equipment from taxation; numbering and designating such proposed amendment; and providing a summarized statement of the purpose of such proposed amendment.

Resolved by the Legislature of West Virginia, two-thirds of the members elected to each house agreeing thereto:

That the question of ratification or rejection of an amendment to the Constitution of the State of West Virginia be submitted to the voters of the state at the next general election to be held in the year 2018, which proposed amendment is that article X thereof be amended by adding thereto a new section, designated section one-d:

ARTICLE X.  TAXATION AND FINANCE.

§1d. Exemption From Ad Valorem Property Taxation of Personal Property Held As Inventory.

Notwithstanding any other provision of this Constitution to the contrary, all business equipment, and all inventories of merchandise, materials and supplies that are held for consumption by any business, or are held primarily for sale or resale by any business are exempt from ad valorem property taxation.

Resolved further, That in accordance with the provisions of article eleven, chapter three of the Code of West Virginia, 1931, as amended, such amendment is hereby numbered “Amendment No. 1” and designated as the “Business Inventory Exemption Amendment” and the purpose of the proposed amendment is summarized as follows: “The purpose of this amendment is to exempt business equipment, and inventories of merchandise, materials and supplies that are held for consumption by any business or are held primarily for sale or resale from ad valorem property taxation.

NOTE: The purpose of this resolution is to exempt personal property held in inventory by a business, and business equipment owned by a business from taxation.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.