W. Va. Code R. § 110-13FF-2

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-13FF-2 - Definitions

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 § 11-10-1et seq., 11-21-1et seq. and 11-24-1et 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.

W. Va. Code R. § 110-13FF-2