By ANDREA LANNOM
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.
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.
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