Tanngible Personal Property Taxes

West Virginia is one of only a few states that taxes capital investments through the Tangible Personal Property Tax on Business Inventories and Manufacturing Equipment. This tax is a drag on West Virginia's economy and the competitiveness of its businesses.

What People are Saying:

 

"This tax has been identified as a job-killing tax that is placed on the capital equipment necessary for creating jobs." - West Virginia Senate President Mitch Carmichael - The State Journal, January 22, 2018

 

"The implications of solving the industrial property tax problem is a game changer for the future of West Virginia. The elimination of industrial personal property taxes is imperative for West Virginia's future." - Former State Senator and PSC Commissioner Brooks McCabe - The State Journal, January 15, 2018

 

"We have the perfect location for distribution centers on the East Coast and we have a tax structure that keeps them out." - West Virginia Delegate Gary Howelll - The State Journal, January 22, 2018

 

"If we have a high tax rate and the neighbor has a low tax rate, that activity is going to go from our state to their state, and we don't want that. We want to use tax policy to drive where people locate and business locates." - Dr. John Deskins, Bureau of Business & Economic Research at WVU - The State Journal, January 9, 2018

 

"Tangible personal property taxes reduce capital investment by making it costlier to invest and particularly to put new and more productive equipment into service. Inventory taxes can create strong incentives for companies to locate inventory in states where they can avoid these harmful taxes. They also impose high compliance costs for businesses, which are required to track and value their inventory for reporting and tax remittance purposes. West Virginia is one of only ten states which still taxes most inventory." -Jared Walczak - The Tax Foundation, January 31, 2018

 

Legislators should examine the state's system of taxation and address the areas that make West Virginia an outlier. Our state is only one of a handful of states that taxes inventory. This places manufacturers and our growing natural gas industry at a distinct disadvantage, because they are unable to keep necessary resources onsite without being subject to taxes not found in adjacent states." - West Virginia Chamber President Steve Roberts - WV Record, December 24, 2017

 

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