State Delegate Bob Fehrenbacher, R-Wood, recently appeared before the Wood County Commission to discuss a tax credit for vehicles that residents can take advantage of if their personal property tax has been paid on time. This tax credit is part of House Bill 1516, which was designed to help lower taxes for West Virginians. Fehrenbacher highlighted that for most residents, their personal vehicles are the most impacted by personal property taxes.
Starting from January 1, 2024, taxpayers are eligible to claim a motor vehicle Property Tax Adjustment Credit. This credit can be claimed on the 2024 West Virginia income tax return, filed in 2025, for all timely paid property taxes on vehicles due in 2024. Fehrenbacher emphasized that in order to be eligible for this credit, taxpayers must be in good standing, meaning they have to pay their taxes on time.
Commission President Blair Couch acknowledged that there were discussions about completely eliminating the personal property tax, but that would have had a significant impact on county and school district income. Wood County would have faced a $6 million budget deficit if the personal property tax was eliminated. However, with the approved tax credit, the county can still generate tax revenue while taxpayers can benefit from the credit.
To be eligible for the credit, taxpayers must pay the first half of their tax bill by October 1 and the remaining half by April 1, 2025. Once these payments are made, taxpayers can claim the credit when filing their taxes the following year. The tax form for this credit is TSD 454 Motor Vehicle Property Tax Adjustment Credit.
In addition to discussing the tax credit, Fehrenbacher mentioned that a legislative interim session will be held in Parkersburg from September 8-10. This session will take place at the Blennerhassett Hotel, with some meetings scheduled for the Judge Black Annex. Various activities, including walking tours and a trip to Blennerhassett Island, are planned around the area during the session.
Commissioner Jimmy Colombo inquired about how to disseminate information about the tax credit to the public. Couch suggested linking the information to the county’s website online to make it easily accessible to residents. The commission expressed excitement about hosting the Legislature for the interim session, as it has been around 20 years since such sessions were held in Parkersburg.
Overall, the tax credit for vehicles is a beneficial opportunity for West Virginians to lower their tax burden, provided they pay their personal property taxes on time. The legislative interim session in Parkersburg presents a unique opportunity for residents to engage with their representatives and learn more about the legislative process.