Posted on 11/08/2022 7:04:25 AM PST by SovereignVA
The Republican governor’s opposition to the ballot measure pits him against Republicans in the legislature, with both House Speaker Roger Hanshaw (R) and Senate President Craig Blair (R) advocating for the amendment. At issue is whether the state constitution should be amended to give the legislature authority over—and potentially the ability to scale back or repeal—tangible personal property taxes. An inability to touch these taxes has bedeviled tax reformers in the state for years.
Most states tax tangible personal property—essentially, property that can be touched or moved—to some degree, but West Virginia is unusual in its heavy taxation of machinery, equipment, inventory, and even personal automobiles. Notably, it is one of only nine states to fully tax business inventory.
Tangible personal property (TPP) taxes reduce capital investment by making it costlier to invest and particularly to put new and more productive equipment into service. In addition to the actual tax burden, tangible personal property taxes impose substantial compliance and administration costs because the tax levy is “taxpayer active.” This means that businesses must fill out forms identifying all their personal property subject to taxation and detailing relevant attributes including, but not limited to, a physical description, the year of purchase, the purchase price, and any identifying information (e.g., serial numbers). The tax is to be remitted upon the depreciated value of each article of personal property.
(Excerpt) Read more at taxfoundation.org ...
I don’t know who to vote for today. Any suggestions?
Vote Republican.
Oops, my link did not post correctly. Full link to article: https://taxfoundation.org/west-virginia-amendment-2/
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