W.Va. Vehicle Tax Credit Tamps Down Collections

By: Associated Press Email
By: Associated Press Email

CHARLESTON, W.Va. (AP) - A new-repealed state tax credit for alternative vehicles is taking a bite out of state tax collections.

The tax credit was part for a law to promote investments in natural gas developments. It allowed buyers of alternative fuel vehicles to write off 35 percent of the purchase price of the vehicle, up to $7,500 for passenger cars and $25,000 for commercial vehicles.

The tax credit was repealed in April, but not before a surge in sales of the vehicles.

The state's deputy revenue secretary tells The Charleston Gazette the tax credit accounted for below-estimate collections for July. Mark Muchow says they came in at $297.2 million, about $17.9 million below estimates.

He says the primary reason was taxpayers claiming the tax credit against their July income tax payments.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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