Bill Text: WV HB3267 | 2021 | Regular Session | Introduced

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Bill Title: Relating to inventory tax reduction

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2021-03-16 - To House Finance [HB3267 Detail]

Download: West_Virginia-2021-HB3267-Introduced.html

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WEST virginia legislature

2021 regular session

Introduced

House Bill 3267

By Delegates Wamsley, Booth, Haynes and Bruce

[Introduced March 16, 2021; Referred to the Committee on Finance]

A BILL to amend and reenact §11-3-30 of the Code of West Virginia, 1931, as amended, relating to exceptions to assessments generally; and changing the method of assessing inventory property for tax purposes.

Be it enacted by the Legislature of West Virginia:

ARTICLE 3. ASSESSMENTS GENERALLY.

§11-3-30. Exception.

(a) Notwithstanding the provisions of sections one, two, six, twelve, fifteen, nineteen, twenty-four and twenty-four-a of this article, the provisions of this article as of January 1, 1961, shall govern assessment generally for the assessment year 1961.

(b) Notwithstanding any other provision of this code to the contrary, and consistent with Article X of the West Virginia Constitution relating to taxation and finance, this subsection shall govern inventory property assessment, but not the rate of the tax on the assessed inventory property.

(1) Property considered as inventory commodities, which include grains and other agriculture products, including fuels, and otherwise considered as inventory, may be assessed only after these items have been held by the taxpayer in this state for a period of 180 days.

(2) Property or assets which may include cash and securities, and otherwise considered as inventory, may be assessed only after these items have been held by the taxpayer in this state for a period of 180 days.

(3) Property considered as wholesale of all noncommodity items, and otherwise considered as inventory, while physically in this state, may be assessed only after these items have been held by the taxpayer in this state for a period 180 days.

(4) Retail items, including rental items, and otherwise considered as inventory, may be assessed only after these items have been held by the taxpayer in this state for a period of 12 months.

 

NOTE: The purpose of this bill is to change the method of assessing inventory for taxing purposes.

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