01/20/2025
BIG NEWS: NEW WV TAX CREDIT: MOTOR VEHICLE PROPERTY TAX ADJUSTMENT CREDIT
Effective for 2024 tax year and tax returns soon to be filed.
100% of VEHICLE personal property (not REAL ESTATE) for timely paid tax tickets in 2024 including amount paid in 2023 for those paying first half during that time for tax tickets having a final due date of 4/1/2024.
Qualifying Property: Cars, Trucks, Truck Tractors, Road Tractors, Motorcycles, Buses, Trailers < 2,000 pounds , Antiques, Farm Trucks, and ATV's.
Non-Qualifying Property: Class C trailers & semi-trailers > 2,000 pounds, Class J Taxi Cabs but if part-time for Uber, your vehicle is most likely still a Class A, Class M Mobile Equipment, and Class R (sorry, RV's do not count)
REFUNDABLE tax credit so if credit exceeds your tax liability, it generates a refund and puts
WV will be mailing form MV-1 to qualifying taxpayers with a list of qualifying vehicles and amount of the credit.
WV will be providing a phone number to call if you do not receive a form.
Claim your credit on your WV income tax return and there will be a separate process for those not required to file a tax return so they too will receive refund money as a result of this credit.
Individuals and businesses qualify and pass-through tax entities will most likely pass it along to their partners/owners for them to claim on their personal tax return.
BE PREPARED TO BRING US YOUR MV-1 FORM AND TAX TICKET RECEIPTS AS WE WILL BE REQUIRED TO ATTACH COPIES TO YOUR TAX RETURN WHEN CLAIMING THE CREDIT
