WOWK-TV – One of the biggest fights this year will be the ongoing battle to repeal the state’s Business Inventory Tax. Only 14 states levy this tax, and critics say it discourages out-of-state businesses from moving here. Read/watch full story.
“I think it’s definitely a tax that needs to be reformed. I think It needs to be removed. I mean you talk to job creators, and they always consistently point to the inventory tax as something that stands in their way,” said Garrett Ballengee, Executive Director of the Cardinal Institute for West Virginia Policy.
Supporters of the statewide tax, which is then divided up by local governments, wonder how those local governments will pay their bills without the revenue.
“The business personal property tax is critical, it’s a critical source of funding for county and municipal budgets, especially for our public education system. And we don’t think it’s prudent to keep doubling down on failed corporate tax breaks,” said Seth Distefano, the Policy Outreach Director at the West Virginia Center on Budget and Policy
We have a great newsletter, join below: