Resolving tangible personal property taxes in WV
| West Virginia is in the minority of states that levy tangible personal property (TPP) taxes on business inventory while also imposing TPP taxes on machinery and equipment. Ohio and other competing states have managed to eliminate these taxes. West Virginia leaders also have long discussed elimination, as TPP taxes are pinpointed as a competitive disadvantage to growing and attracting jobs and investment. However, solutions and adjustments to intricate tax laws are easiest to consider when individuals have access to impacts, facts and stakeholder perspectives, since tax changes do not operate as simple toggle switch choices. Therefore, WV Forward and partners have produced a foundational working document designed to inform decisions surrounding a potential TPP tax repeal or reform. The document also hones in on the need to balance West Virginia’s business climate while valuing the tax revenues generated for counties, schools and municipalities. If state decision makers decide to revisit this tax, policy makers will be armed with information about addressing this complex issue. |
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