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…
Tax and 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…
We are just over halfway through West Virginia’s 60-day legislative session, and there is plenty to talk about. Let’s dive right in. Tax and Budget 2020 has seen the perennial return to eliminate the Business Personal Property Tax on manufacturing, inventory, equipment and machinery. This is a critical source of revenue for our counties’ public…
Charleston Gazette-Mail - Back in 2007, the West Virginia Legislature dramatically changed the state’s tax system, reducing business taxes by hundreds of millions of dollars per year. The package included phasing out the business franchise tax and reducing the corporate net income tax from 9 percent to 6.5 percent. Other cuts and credits would follow.…
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.
To get a sense of a state’s values, one often need look no further than its tax system. What a state spends its tax dollars on and how it acquires those tax dollars typically reveals a lot about the priorities of its people—what they care about and what they stand for. In theory, it’s a…
In case you missed it! Check out our 7th Annual Budget Breakfast here.
Charleston Gazette-Mail - Legislative leadership appears poised to pass yet another round of corporate tax cuts that will hurt working families, our schools and colleges, and push more money out-of-state to large corporations. It doesn’t have to be this way. Lawmakers could instead put their efforts toward investing in our communities, our health, our education, and…
On September 30, 2019 Executive Director Ted Boettner presented to the West Virginia Association of Counties on the impact of exempting business personal property in West Virginia. View Presentation
With the 2020 legislative session looming, now is as good a time as any to check in on one of the legislature's favorite proposals, eliminating the business personal property tax. Once again, the elimination of the tax is at the top of legislative priorities. And with state revenues stalling and budget cuts likely, the nearly…