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Senate introduces resolution to eliminate West Virginia’s business inventory tax

By ANDREA LANNOM

The Register-Herald

CHARLESTON, W.Va. — A resolution calling for the elimination of the business inventory tax over a seven-year period was introduced in the state Senate Thursday.

Senate Joint Resolution 9, dubbed the “Just Cut Taxes and Win Amendment,” is a proposed constitutional amendment calling for reducing and ultimately eliminating the business inventory tax. It notes tangible industrial personal property of public service companies will continue to be taxed.

It is double referenced to be taken up in both the Senate Judiciary and Finance committee. If passed out of those committees, the resolution requires two-thirds majority of both houses to pass. It then is submitted to voters for approval in this year’s general election.

The resolution also calls for replacing revenue lost from reducing the tax, which currently benefits counties and schools. It requires the governor to annually provide in the budget bill, and for the Legislature to annually preserve that funding. It also prohibits the governor from line item vetoing or reducing that replacement revenue in the budget bill.

It further prohibits reinstatement of the tax on tangible industrial machinery, equipment and inventory personal property directly used in industrial business activity after the tax is eliminated.

Read the entire article: http://www.register-herald.com/news/senate-introduces-resolution-to-eliminate-business-inventory-tax/article_af1e01fb-0af8-5179-a56c-0937f8dc7ef0.html

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