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CHARLESTON, W.Va. — West Virginia has posted encouraging economic development wins in the last few years, but experts say there is still room for improvement.
According to a new study released today by the West Virginia Manufacturers Association (WVMA), the state’s constitutionally imposed tangible personal property (TPP) tax, including that on manufacturing inventory, machinery and equipment, is a clear disadvantage when compared to competing states and most of the country.
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In 2017, the United States finally made the federal corporate tax rate competitive with the rest of the world when it was dropped from a punishing 35% down to 21%. But this only represents the tax burden that the United States federal government charges before state corporate tax rates are added. West Virginia charges 6.5% in addition to the 21% federal rate on the companies doing business here.
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CHARLESTON, W.Va. —The West Virginia Manufacturers Association is urging Gov. Jim Justice and the West Virginia Legislature to continue on a path of reforming the state’s property tax structure before altering other sections of tax code.
“We absolutely appreciate what Gov. Justice is trying to do with his personal income tax reduction proposal, but we at the WVMA are focused on passage of Amendment 2 in November,” WVMA President Rebecca McPhail said, referring to a constitutional amendment on the 2022 General Election ballot that would allow the Legislature to change the state’s property tax structure.
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The adage, “You don’t know what you’ve got until it’s gone,” never seemed more appropriate than when COVID-related supply chain challenges hit the United States. Household staples, once an afterthought, were in short supply; none more notable than toilet paper, which became a coveted commodity.
While some manufacturers could quickly ramp up production to meet increased demand, industries with more complex supply chains continue to face inventory shortages. The automotive industry is a prime example.
