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Resolving tangible personal property tax
As a constitutional tax, authority to advance legislative action or change the taxation of tangible personal property in the state ultimately rests with lawmakers and West Virginia voters. However, solutions and adjustments to intricate tax laws are easiest to consider when decisionmakers have access to impacts, facts and stakeholder perspectives, since tax changes do not operate as simple toggle switch choices. Through an analysis of research, assessment of tax policy best practices, a series of fact-finding efforts and input from stakeholders, WV Forward, in collaboration with experts, is producing a written overview of this tax policy.
Moving wv Forward
The Report on Resolving Tangible Personal Property Tax
A working document prepared by WV Forward, in collaboration with West Virginia University, offers a data-driven, nonpartisan, objective policy considerations on the taxation of tangible personal property in West Virginia.
West Virginia's outlier status
West Virginia’s outlier status in taxing business inventory as part of tangible personal property is pinpointed as a competitive disadvantage in the WV Forward blueprint. And since businesses can simply relocate their property and operations to the majority of states that do not impose TPP taxes, they not always an optimal way of raise revenue.
Finding the right balance to protect local municipalities
There’s a need to find a balanced solution to improving West Virginia’s business climate while valuing the revenues of counties, schools and municipalities that account for 1/3 of West Virginia’s property tax. In some cases, these taxes constitute the largest source of revenue.
Revenue Generated From TPP in WV, 2018 TAX YEAR:
Allocation of Personal Property Tax Collections in WV - 2018 Tax Year
Primer on the Impacts of Taxing Business Machinery, Equipment, and Inventory, WVMA
Tax Digest Glossary, February 2018
Taking Inventory: The Impact of Exempting the Business Personal Property Tax, WV Center on Budget & Policy
Tangible Personal Property Taxes on Business Inventories, Manufacturing Machinery & Equipment, WV Chamber, 2018
WV Tax Laws, Fifty-Second Biennial Report, Tax Commissioner of WV
WV Tax Modernization Project Workgroup's Recommendations to Governor
2016 Report of the WV Tax Modernization Project
Options for WV Tax Reform, Cardinal Institute for WV Policy, 2016