This personal property tax credit, which was enacted by Governor Jim Justice, lets consumers to receive refunds on taxes paid on personal property like cars and motorcycles but is not applicable to real property like land. Even if customers have already received their personal property tax bills, if they pay all of their taxes for the year, they will not qualify for the credit. To be eligible for the benefit, they must split their personal property tax payments in two halves.
Claim Personal Property Tax Credit By Paying In Two Halves
As a result of a new personal property tax credit that was granted earlier this year, West Virginians might receive some money back. To receive this West Virginia personal property tax credit, people must pay their taxes in two halves and correctly. It is only applicable to personal property like cars and motorcycles.
To qualify for this personal property tax credit, as mentioned above, people must make the required tax payments. The law governing tax credits won’t take effect January 1, 2024. Therefore, taxes paid before to Jan. 1, 2024, are not eligible for the personal property tax credit. Along with paying taxes correctly, people also need to ensure that they pay the taxes in two halves. The first half should be paid before October 1 this year, the second half, however, must be paid after January 1 but before April 1, 2024.
House Bill 2526 was approved by the legislature and became law after being signed by Gov. Justice. HB 2526 includes a 100 percent rebate on vehicle tangible personal property taxes for state residents. The bill ultimately resulted in a 21.25% reduction in the state’s personal income tax, Greg Stone reported.
Who Qualifies For The Credit?
If they correctly file their taxes, individuals, partnerships, S-corporations, LLCs, and C-corporations that possess qualifying vehicles are entitled for the credit. Leasing firms are eligible for the credit as well, but they must pass the savings on to the customers who are leasing the vehicle.
According to Aman Jain, to be eligible for the West Virginia personal property tax credit, individuals and businesses must file their personal property tax forms by the deadlines of September 1 for businesses and October 1 for individuals. It should be noted that only actual taxes paid are eligible for the credit. The credit will only be for the amount actually paid after the discount in the event of an early payment discount.