Bill Text: WV HJR115 | 2020 | Regular Session | Introduced
Bill Title: Repealing the business and inventory ad valorem tangible personal property tax
Spectrum: Partisan Bill (Republican 4-0)
Status: (Introduced - Dead) 2020-02-11 - To House Finance [HJR115 Detail]
Download: West_Virginia-2020-HJR115-Introduced.html
WEST virginia legislature
2020 regular session
Introduced
House Joint Resolution 115
By Delegates Fast, Hanshaw (Mr. Speaker), Householder and Criss
[Introduced February 11,
2020 ; Referred
to the Committee on Finance then Judiciary]
Proposing an amendment to the Constitution of the State of West Virginia to add section one-d, article X thereof, relating to legislative authority to repeal all business and inventory ad valorem property taxation on tangible personal property and providing a summarized statement of the purpose of such proposed amendment.
Resolved by the Legislature of West Virginia, two thirds of the members elected to each house agreeing thereto:
That the question of ratification or rejection of an amendment to the Constitution of the State of West Virginia be submitted to the voters of the state at the next general election to be held in the year 2020, which proposed amendment is to add section one-d, article X thereof, read as follows:
ARTICLE X. TAXATION AND FINANCE.
§1d. Legislative Authority to Repeal Business and Inventory Ad Valorem Taxation on Tangible Personal Property.
Effective July 1, 2021, all business and inventory ad valorem property tax on tangible personal property is repealed.
Effective July 1, 2021, and every July 1st thereafter the Legislature shall have fixed a rate of the general consumer sales tax equal to the estimated amount which would have been generated but for the repeal of the business and inventory ad valorem tangible personal property tax and the collection of that amount of the general consumer sales tax shall be promptly and regularly distributed to all counties and body politics that received funding from the business and inventory ad valorem tangible personal property tax in like amounts.
Resolved further, That in accordance with the provisions of article 11, chapter three of the Code of West Virginia, 1931, as amended, such amendment is hereby numbered “Amendment No. 1” and designated as the “Amendment Authorizing the Legislature to Eliminate the Ad Valorem Tax on Business and Inventory Tangible Personal Property” and the purpose of the proposed amendment is summarized as follows: “The purpose of this amendment is to permit the Legislature to eliminate the business and inventory ad valorem tangible personal property tax and to require the Legislature to create a mechanism to replace funding for counties receiving any business and inventory ad valorem tangible personal property tax”.
NOTE: The purpose of this resolution is to permit the Legislature to repeal the business and inventory ad valorem tangible personal property tax and to require the Legislature create a mechanism to replace funding that counties receive from the business and inventory ad valorem tangible personal property tax.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
