On top of Senate Bill 655 that would reduce local property tax revenues from natural gas extraction, there are also several bills moving in the House that would give sizable tax reductions to natural gas and coal corporations. House BIll 4439 would expand a 35% tax credit on the coal severance tax that was passed…
Budget
Senate Republicans unveiled their latest proposal to eliminate the business personal property tax this week, passing the proposal out of the Senate Finance Committee. The plan, which builds upon an earlier proposal to eliminate the property tax on manufacturing equipment, machinery, and inventory, would blow a nearly $100 million hole in the state budget, introduce…
At the 7th Annual Budget Breakfast on January 15, 2020, WVCBP Executive Director Ted Boettner presented his yearly preview of the governor's proposed state budget. Download presentation.
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Over the last decade or so, local governments entities in West Virginia have used a myriad of business property tax incentives to reward or induce local economic development projects. These can include tax increment financing or TIFs, lease agreements, tax credits (e.g. local B&O), issuing bonds to purchase property, and the use of Payment in…
A recent article in Vox by David Roberts highlights how a coal mining bust in Wyoming is resulting in "vulture capitalism" as investors buy up bankrupt coal mines while coal executives receive large bonuses and the communities in Wyoming struggle with thousands of laid off workers, lost pensions, environmental degradation, and an undiversified economy. This…
The 2019 Legislative Session ended last week, with the state budget passed a day early. While every year, the budget undergoes some changes from the governor’s proposal to the final product, this year saw relatively few changes. The FY 2020 budget proposed by Governor Justice includes new spending initiatives and pay raises while avoiding spending cuts…
On Tuesday, February 19, WVCBP Executive Director Ted Boettner presented this testimony to a subcommittee of the House Judiciary Committee urging members to reject calls for an Article V Convention of States to make amendments to the U.S. Constitution.
Governor Jim Justice’s FY 2020 budget includes new spending initiatives and pay raises while avoiding spending cuts as the state’s financial situation shows signs of stability. While the FY 2020 budget is an improvement after years of budget cuts, it represents a missed opportunity to reverse the damage of past mistakes and invest in a…