While the tax bills passed during the 2020 Legislative Session are awaiting the governor's approval, most of the largest tax cut proposals failed to make it across the finish line but will likely return next year. Specifically, the legislature failed to place on the November 2020 ballot a constitutional amendment to repeal part or all…
Tax and Budget
As the 2020 Legislative Session heads down the home stretch, attention now turns to the state budget. While budget proposed by the governor at the beginning of the legislative session showed little change from the previous year, there will likely be some adjustments made, as a number of revenue reducing bills are currently working their…
Yesterday, we took a look at the Senate's version of the FY 2021 budget. Now the House has unveiled their version, and as in the Senate, there are a number of changes made from the governor's proposal. The House has three revenue bills that will reduce the General Revenue Fund by $6.1 million in FY…
With crossover day behind us and most major pieces of legislation in place, the Senate began work on the FY 2021 budget this week, presenting their version of the budget bill in the Senate Finance Committee. The Senate has made a number of changes to the Governor's proposed budget, both on the revenue and spending…
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…
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…