Resolution regarding WV consumer sales tax
Dear Chamber Members,
We have been watching, very closely, the bills that are being introduced concerning personal income tax and the desire of Governor Justice to reduce the personal income tax and increase the consumer sales tax and taxes on beverages, professional services, and luxury items, just to name a few. We have great concern that all of this would have a negative impact on our business community here in the Eastern Panhandle. The WV Chamber of Commerce has come out against the plan as well as groups including the Business and Industry Council, WV Bankers Association, and others.
The WV Chamber of Commerce has been diligent in updating us on the status of this issue. On Monday, the Council on State Taxation (COST) sent a letter to the full Legislature opposing the Governor’s bill (HB 2027 / SB 600) to reduce the Personal Income Tax in West Virginia. Also on Monday, the House of Delegates Finance Committee originated a bill to repeal the Personal Income Tax in West Virginia that is quite different from the Governor’s proposal. Under the House plan, which can be read here: https://conta.cc/3tVBkez, the Personal Income Tax would be repealed over a period of approximately twelve years. Other key details of the plan include:
- No new tax increases
- Funded by reinvesting increased General Revenues from economic growth into the reduction
- Freezing state spending
- Implementing a $50 million cut (approximately 1% of the General Revenue Budget) each year
- Creating a Personal Income Tax Reduction Fund that will be in place to assist the General Revenue Budget in difficult years
The resolution (https://conta.cc/3tX7y9j), adopted by the Martinsburg-Berkeley County Chamber of Commerce Board of Directors, has be sent to the Eastern Panhandle Delegation to express our concerns about how an increase in consumer sales tax or other taxes would negatively affect our business community, especially since we are a border county. We encourage you to review this information and reach out to your legislators as you see fit. We included their contact information here: https://conta.cc/31iTvOI
If you should have questions, please contact Tina Combs at [email protected] or 304-267-4841.