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You may have seen that some members of Congress are attempting to generate funds for infrastructure development by raising corporate tax rates. WVMA is no stranger to infrastructure development, but I want to emphasize that there are parts of this plan that will do more harm than good.
The effect of corporate tax fluctuations impact not only manufacturers and small businesses, but also job creation and economic activity. I’ve recently written about this — as West Virginia’s communities continue toward recovery from the COVID-19 pandemic, it is important that our legislators continue to consider tax reforms that encourage business growth and development in order to foster job creation and help workers navigate the post-pandemic landscape.
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West Virginia is on a clear path to recovery from the COVID-19 pandemic. One especially promising milestone is the news that more than 680,000 West Virginians have received at least one dose of the COVID-19 vaccines. And legislators in Charleston wisely considered tax reforms that will make it easier for businesses to grow and invest, translating into long-term job creation that helps everyone emerge stronger in the next, post-pandemic world.
But members of Congress seem poised to go in a different direction — a direction that would slow our recovery.
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Utilities and some others are trying to change the way that they get paid for the electricity they sell to the customer, and not in a way that works to the customer’s benefit.
Electric utilities have asked the Legislature for “expedited cost recovery,” which is a fancy way of saying they want guaranteed cost recovery for investments they make before consumers get the benefit.
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The 2021 legislative session is racing toward its conclusion, and taxes have been high on the mind of Gov. Jim Justice and the West Virginia Legislature. At the West Virginia Manufacturers Association, our attention is on a tax resolution that would put voters in charge of how the state taxes property, machinery and equipment.
Currently, the state Constitution prevents legislators elected by West Virginia voters from adjusting the inventory tax to reflect state and local economic conditions.
