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Introduced Version Senate Bill 5001 History

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Key: Green = existing Code. Red = new code to be enacted
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Senate Bill No. 5001

(By Senators Tomblin, Mr. President, and Sprouse,

By Request of the Executive)

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[Introduced September 10, 2001; referred to the Committee on Finance.]

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A BILL to amend and reenact section twenty-one, article twenty-one, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to changing the property tax year for which the refundable personal income tax credit is first allowable for certain property taxes paid on a homestead by low-income senior citizens and permanently and totally disabled persons.

Be it enacted by the Legislature of West Virginia:

The section twenty-one, article twenty-one, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-21. Senior citizens' tax credit for property tax paid on first $10,000 of taxable assessed value of a homestead in this state.

(a) Allowance of credit. -- A low-income person who is allowed a twenty-thousand dollar homestead exemption from the assessed value of his or her homestead for ad valorem property tax purposes as provided in section three, article six-b, of this chapter, shall be allowed a refundable credit against the taxes imposed by this article equal to the amount of ad valorem property taxes paid on up to the first ten thousand dollars of taxable assessed value of the homestead for property tax years that begin on or after the first day of January two thousand two three.
(b) Terms defined. -- For purposes of this section:
(1) "Low income " means federal adjusted gross income for the taxable year that is one hundred fifty percent or less of the federal poverty guideline for the year in which property tax was paid, based upon the number of individuals in the family unit residing in the homestead, as determined annually by the United States Secretary of Health and Human Services.
(2) "Taxes paid" means the aggregate of regular levies, excess levies and bond levies extended against not more than ten thousand dollars of the taxable assessed value of a homestead that are paid during the calendar year, determined after application of any discount for early payment of taxes but before application of any penalty or interest for late payment of property taxes for a property tax year that begins on or after the first day of January, two thousand two three.
(c) Legislative rule. -- The tax commissioner shall propose a legislative rule for promulgation as provided in article three, chapter twenty-nine-a of this code to explain and implement this section.
(d) Confidentiality. -- The tax commissioner shall utilize property tax information in the statewide electronic data processing system network to the extent necessary for the purpose of administering this section, notwithstanding any provision of this code to the contrary.



NOTE: The purpose of this bill is to change the property tax year for which the refundable personal income tax credit is first allowable to low-income senior citizens and permanently and totally disable persons for payment of property taxes on the first $10,000 of taxable assessed value so that the fiscal year in which the credit is allowed on personal income tax returns coincides with the fiscal year in which funding for the credit first becomes available under Enrolled House Bill 102, as enacted April 21, 2001.

Strike-throughs indicate language in current law that would be deleted and underscoring indicates new language that would be added.
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