Post by Logan on Mar 28, 2017 1:42:31 GMT -6
PARKERSBURG — A bill changing the tax system in West Virginia has its skeptics.
Senate Bill 335 would eliminate the 6 percent sales tax and replace it with an 8 percent general consumption tax, including food, lower the income tax rate to 2.65 percent with a method to eliminate it around 2032, repeal the corporate net income and change the severance taxes on coal and natural gas.
The consumption tax on sales would make West Virginia the highest compared to surrounding states and encourage consumers to go across state lines, said Steve Roberts, executive director of the West Virginia Chamber of Commerce.
“Actually, we’re very concerned about this proposal,” Roberts said.
Taxing unprepared food and food ingredients would be effective Jan. 1. The sales tax on food was phased out in 2013.
Read more: www.newsandsentinel.com/news/business/2017/03/proposed-west-virginia-tax-changes-worry-businesses/
Senate Bill 335 would eliminate the 6 percent sales tax and replace it with an 8 percent general consumption tax, including food, lower the income tax rate to 2.65 percent with a method to eliminate it around 2032, repeal the corporate net income and change the severance taxes on coal and natural gas.
The consumption tax on sales would make West Virginia the highest compared to surrounding states and encourage consumers to go across state lines, said Steve Roberts, executive director of the West Virginia Chamber of Commerce.
“Actually, we’re very concerned about this proposal,” Roberts said.
Taxing unprepared food and food ingredients would be effective Jan. 1. The sales tax on food was phased out in 2013.
Read more: www.newsandsentinel.com/news/business/2017/03/proposed-west-virginia-tax-changes-worry-businesses/