By Steven Allen Adams, The Inter-Mountain
CHARLESTON, W.Va. — With the most recent special session ending with no cuts to the personal income tax, efforts to eliminate certain categories of tangible personal property taxes have put the focus on Amendment 2 on the November election ballot.
The Nov. 8 general election is more than 45 days away, with early voting beginning on Oct. 26. Voters will have four constitutional amendments to consider, including Amendment 2.
Amendment 2, the Property Tax Modernization Amendment, would give the West Virginia Legislature the authority to reduce or eliminate six categories of tangible personal property taxes: machinery and equipment, furniture and fixtures, leasehold investments, computer equipment, inventory, and motor vehicles.
County governments and county school systems rely on property taxes, including tangible personal property taxes, for tax revenue. According to the West Virginia Association of Counties, the total assessed value for the tangible personal property tax categories in Amendment 2 for the most recent tax year totaled more than $515 million for all 55 counties combined, though no information has been released on the actual dollar amount collected by counties, which is likely lower than the assessed value…
To read more: https://www.theintermountain.com/news/local-news/2022/09/tax-reform-focused-on-amendment-2/
