Vote Smart's Synopsis:

Vote to pass a bill that establishes certain personal property tax exemptions.

Highlights:

• Exempts all new tangible manufacturing machinery, equipment, and inventory personnel from the ad valorem taxation beginning July 1, 2021 (Article 5, Sec. 11).

• Defines “manufacturing machinery and equipment” to include machinery and equipment like motor vehicles owned by the taxpayer that is directly used or consumed in manufacturing business in the state, and exempts the following, including (Article 5, Sec. 11):

• Furniture;

• Barges or ships; and

• Any other tangible personal property not directly used in manufacturing business activity.

• Defines “manufacturing inventory” as raw materials, goods in process, and finished goods of a business located in West Virginia (Article 5, Sec. 11).

• Defines “ad valorem tax” as a tax based on the assessed value of an item of real or personal property (Article 5, Sec. 11).

• Reduces the regular levy tax rate beginning July 1, 2021, on tangible manufacturing machinery, equipment, and inventory personal property by 17 percent (Article 5, Sec. 11).

Full Bill Text