As the West Virginia Legislature heads toward cross-over day, the final day the originating chamber of a bill can consider it (which is Feb. 26), one major part of the majority Republican platform has yet to be formally introduced.
Republicans have made ending the business and inventory tax a major part of their agenda, but details on how the state will recoup the $300 million lost if and when the tax goes away have not been shared.
There have been some ideas discussed, but no formal bill has been entered that spells out the proposed tax code changes, which would require two-thirds support in both chambers, as well as the people’s vote on a constitutional amendment.
All of these steps make change difficult. But it isn’t impossible. And we would argue that the state’s tax code needs to be adjusted.
Whether that means a complete rollback of the business and inventory tax is a topic worthy of discussion. One of the ideas we’ve heard about is a rollback over six years, giving state officials time to adjust revenue and expenses.
The rollback is expected to include business machinery, equipment and inventory (including retail inventory), as well as the property tax on cars, trucks, trailers and other property “with wheels.” That part of the proposal is designed to make it more palatable to all voters, not just business owners.
We like the idea of including all personal property, as well as the gradual rollback over six years, allowing county school systems and county government agencies time to adjust. Those will be the entities most affected….