Bill > HB4969

This bill provides a tax credit for the donation or sale of a vehicle to certain charitable organizations in West Virginia. The key provisions include: 1. Defining a "Qualified Charitable Organization" as a nonprofit that provides low-income workers with affordable financing and financial counseling to purchase vehicles. 2. Allowing a tax credit of up to 50% of the "Program Value" (fair market value less the organization's determination of suitability) of a donated vehicle, or up to $2,000, whichever is less. 3. Allowing a tax credit of up to 50% of the difference between the "Program Value" and the reduced sales price for motor vehicle dealers who sell vehicles to low-income workers through the charitable organization's program, up to $2,000. 4. Requiring the charitable organization to provide the taxpayer with a form certifying the vehicle's program value, which the taxpayer must submit to the Tax Division to claim the credit. 5. Limiting the total amount of tax credits allocated to $300,000 per fiscal year. 6. Requiring the Tax Division to submit a biennial report on the cost-effectiveness of the tax credit. The credit applies to donations or sales occurring after December 31, 2020.