Post by Logan on Jul 3, 2016 20:36:25 GMT -6
Putting tax law changes into effect is a multi-pronged, multi-phased process that normally requires months of prep time, state Tax Account Administration Division Director Matt Irby said.
“We like to have a few months advance notice,” he said. “We actually have a statute that says, unless the Legislature specifically sets a date, it doesn’t happen until the next tax year.”
In the case of the special session legislation increasing tobacco taxes and creating a new tax on e-cigarette liquids (SB 2012), the Tax Division will have had all of 14 days from the time Gov. Earl Ray Tomblin signed the bill into law until the new tax rates take effect July 1.
“It’s generally a three- to four-month process,” Irby said. “We’ve obviously gone to a truncated two-week process.”
- See more at: www.wvgazettemail.com/news-politics/20160629/not-much-time-for-details-on-wv-tax-changes-to-take-shape
“We like to have a few months advance notice,” he said. “We actually have a statute that says, unless the Legislature specifically sets a date, it doesn’t happen until the next tax year.”
In the case of the special session legislation increasing tobacco taxes and creating a new tax on e-cigarette liquids (SB 2012), the Tax Division will have had all of 14 days from the time Gov. Earl Ray Tomblin signed the bill into law until the new tax rates take effect July 1.
“It’s generally a three- to four-month process,” Irby said. “We’ve obviously gone to a truncated two-week process.”
- See more at: www.wvgazettemail.com/news-politics/20160629/not-much-time-for-details-on-wv-tax-changes-to-take-shape