West Virginia Code 11-13FF-3 – Determination of value of credit
(a) At the time of the donation or sale of the vehicle, the taxpayer shall provide to the qualified charitable organization an estimate of the fair market value of the vehicle.
Terms Used In West Virginia Code 11-13FF-3
- Division: means the Tax Division of the Department of Revenue. See West Virginia Code 11-13FF-1
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Qualified Charitable Organization: means a nonprofit association which:
(A) Is recognized as exempt from federal taxation under §. See West Virginia Code 11-13FF-1
- Value: means in the case of any document not a gift, the amount of the full actual consideration for the document, paid or to be paid, including the amount of any lien or liens assumed. See West Virginia Code 11-22-1
- Vehicle: means a passenger motor vehicle that is suitable for daily commutes for employment purposes and is acceptable to the qualifying charitable organization as to its suitability for its program. See West Virginia Code 11-13FF-1
(b) Upon accepting the vehicle to be used in their program, the qualified charitable organization shall provide the taxpayer a signed and dated form prescribed by the division containing at a minimum:
(1) The vehicle identification number of the vehicle, its make and model;
(2) The name, address and taxpayer identification number of the taxpayer;
(3) The name and address of the qualifying charitable organization;
(4) The qualifying charitable organization’s determination of the program value of the vehicle, based upon the taxpayer’s estimate of the fair market value of the vehicle and the suitability of the vehicle for the qualifying charitable organization’s programs; and
(5) The maximum amount of tax credit authorized for the donation or sale of the vehicle; as calculated by the qualifying charitable organization: Provided, That the actual amount of tax credit authorized shall be determined by the tax division as provided in section two of this article.
(c) To claim the tax credit, the taxpayer shall send the form provided by the qualified charitable organization to the division for certification.