Bill Text: WV SCR51 | 2020 | Regular Session | Introduced
Bill Title: Requesting study amending WV Constitution to authorize Legislature to exempt or reduce tangible personal property from taxation
Spectrum: Partisan Bill (Democrat 14-0)
Status: (Introduced - Dead) 2020-02-27 - To Finance [SCR51 Detail]
Download: West_Virginia-2020-SCR51-Introduced.html
SENATE CONCURRENT RESOLUTION 51
(By Senators Plymale, Baldwin, Beach, Facemire, Hardesty, Ihlenfeld, Jeffries, Lindsay, Palumbo, Prezioso, Romano, Stollings, Unger, and Woelfel)
[Introduced February 26, 2020]
Requesting the Joint Committee on Government and Finance study the feasibility and benefits of amending the Constitution of the State of West Virginia to authorize the Legislature to exempt or reduce one or more species of tangible personal property from taxation.
Whereas, West Virginia needs to regain a competitive edge by invigorating its economy, its workforce, and its citizens; and
Whereas, This can be best accomplished by empowering the population, identifying our state’s strengths, building on those strengths, and ensuring the state remains economically competitive moving forward; and
Whereas, These goals may be realized through a tax structure that reduces the personal property tax as a means to encourage the state’s citizens and promote business development, recognizing that both of these elements are crucial to economic growth, job creation, and a prosperous state; and
Whereas, There is a growing belief that West Virginia’s personal property taxation, as provided for in the West Virginia Constitution, is unwieldy and ill-suited for the state’s needs, imposing disproportionate burdens on West Virginia’s small businesses, disincentivizing outside investment, and ultimately depressing economic development; and
Whereas, There is a growing belief that West Virginia should move to a simpler and more equitable tax regime, one that transitions state and local governments away from their traditional reliance on personal property taxes; and
Whereas, To balance any reduction in personal property taxes by finding a means to reallocate revenue to ensure growth and prosperity to its citizens, continuing to fund areas affected from personal property tax reductions, and fostering a state that is seen as an attractive option by business and industry; and
Whereas, Some fear that the elimination of the property tax on manufacturing equipment, machinery, and inventory would have a detrimental impact on the state and local budgets, and potentially introduce inconsistency in the property tax system; and
Whereas, There is a concern that any effort to exempt from or reduce property taxes on different types of personal property by eliminating the constitutional requirement that property taxes be uniform across different types of personal property, will have a significant impact on the citizens of this state; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance study the feasibility and benefits of amending the West Virginia Constitution to authorize the Legislature to exempt or reduce one or more species of tangible personal property from taxation; and, be it
Further Resolved, That the Joint Committee on Government and Finance is requested to study the feasibility and benefits of authorizing the Legislature to exempt one or more species of tangible personal property from taxation; reduce the rate of taxation or assessment for one or more species of tangible personal property; establish different statewide rates of taxation, statewide rates of assessment, and statewide methods of valuation for different species of tangible personal property; and classify property as real or personal for taxation purposes; and, be it
Further Resolved, That the Joint Committee on Government and Finance enlist the assistance of the Tax Commissioner, the West Virginia University Bureau of Business and Economic Research, and the Marshal University Center for Business and Economic Research in conducting the study; and, be it
Further Resolved, That the Joint Committee on Government and Finance report to the regular session of the Legislature, 2021, on its findings, conclusions, and recommendations, together with drafts of any legislation necessary to effectuate its recommendations; and, be it
Further Resolved, That the expenses necessary to conduct this study, to prepare a report, and to draft necessary legislation be paid from legislative appropriations from the Joint Committee on Government and Finance.
