West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-13FF - Tax Credit For Providing Vehicles To low-Income Workers › Section 110-13FF-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. General Rule.
				-- Unless a specific definition is provided in subsection 2.2 of this section,
				or the context in which the term is used clearly requires a different meaning,
				the terms used in this rule have the definitions provided under W. Va. Code
				§
									11-10-1
et seq
.,
				11-21-1
et seq
. and
				11-24-1
et seq
.
2.2. Terms
				defined.
2.2.1. "Automobile dealership,"
				"dealer," or "motor vehicle dealer" means a purveyor of new or used passenger
				vehicles licensed under the provisions of W. Va. Code §
										17A-6-1,
et
				seq
.
2.2.2. "Below-market
				loan" means a loan issued by a cooperating financial institution to a
				low-income worker for the purchase of a vehicle, which rate shall be
				substantially the same as that offered to prime borrowers, lower than the
				current prevailing state average rate for similar transactions, taking into
				consideration the credit worthiness of the borrower and the suitability of the
				vehicle, as determined by a qualified charitable organization, and may not
				include any origination fee, points, investigation fees, or other similar
				finance charges requiring prepayment by the purchaser.
2.2.3. "Commissioner" means the Tax
				Commissioner of the State of West Virginia.
2.2.4. "Consideration" means cash, goods or
				services given in exchange for tangible personal property.
2.2.5. "Cooperating financial institution"
				means a bank, West Virginia state chartered bank, West Virginia national bank,
				bank holding company, federal savings bank, federal savings and loan
				association, West Virginia state credit union, West Virginia federal credit
				union, Community Development Financial Institution funded through the Riegle
				Community Development and Regulatory Improvement Act of 1994, or any supervised
				lending institution operating under a certificate of authority issued by the
				West Virginia Board of Banking and Financial Institutions that enters into an
				agreement with a qualified charitable organization to provide below-market
				loans to low-income workers to enable them to purchase affordable vehicles
				suitable for commuting to their employment, but shall not include the financing
				department of an automobile dealership or manufacturer.
2.2.6. "Division" means the Tax Division of
				the West Virginia Department of Revenue.
2.2.7. "Federal poverty level" means the
				amount in the U.S. Federal Poverty Guidelines Used to Determine Financial
				Eligibility for Certain Federal Programs, issued each year in the Federal
				Register by the Department of Health and Human Services (HHS).
2.2.8. "Low-income worker" means a person
				engaging in any gainful income generating activity whose aggregate household
				income is 200 percent or less of the federal poverty level. For purposes of
				this rule, "low-income worker" may also include part-time workers, seasonal
				employees, contract workers, persons who are self-employed, or an unemployed
				person who has been offered and has accepted employment contingent on that
				person's obtaining suitable transportation to the place of employment.
2.2.9. "Program" means a
				systematic procedure administered by a qualified charitable organization for
				assisting low-income workers in obtaining suitable vehicles for use as
				transportation to a place of employment, either by providing them with a
				donated vehicle, or by assisting them in purchasing a vehicle in accordance
				with the provisions of this rule.
2.2.10. "Program participant" means a
				low-income worker who has applied for, and been approved to receive, assistance
				from a qualified charitable organization to obtain a vehicle suitable for use
				as transportation to a place of employment.
2.2.11. "Program value" of a donated vehicle
				shall be the fair market value of that vehicle as determined by the qualified
				charitable organization, based on the retail values shown in a nationally
				accepted used car guide, and the suitability of the vehicle for the program,
				taking into consideration the condition of the vehicle, and allowing for the
				cost of any needed repairs to the vehicle.
2.2.12. "Qualified charitable organization"
				means an organization which meets all of the following criteria:
2.2.12.a. The organization is recognized by
				the Internal Revenue Service as exempt from federal income taxation under Title
				26, Section 501(c)(3) of the United States Code, as amended;
2.2.12.b. The organization is registered as a
				soliciting charity with the West Virginia Secretary of State under the West
				Virginia Solicitation of Charitable Funds Act;
2.2.12.c. The organization operates a program
				that provides the following services:
2.2.12.c.1. Provides low-income workers with
				donated vehicles for commuting purposes for no consideration or at a cost
				affordable to the worker.
2.2.12.c.2. Assists low-income workers in
				obtaining affordable below-market financing from cooperating financial
				institutions to purchase vehicles for commuting to their place of employment.
2.2.12.c.3. Provides financial
				training, counselling and assistance to low-income workers to assist them in
				obtaining a suitable vehicle for commuting to their employment at no cost, or
				at a cost that is affordable to the worker.
2.2.13. "Vehicle" or "passenger motor
				vehicle" means any automobile, truck, van or other motor vehicle that is
				suitable for use as a means of transporting a worker to his or her place of
				employment, as determined by a qualified charitable organization under this
				rule.