The West Virginia Tax Modernization Project, chaired by Morris, will hold a public meeting on Nov. 20, at the Charleston Marriott Town Center, located at 200 Lee Street East in downtown Charleston. Preliminary proposals developed by the Tax Modernization Project will be discussed for additional study, and the public will have an opportunity to comment on the proposals and to submit their oral or written tax modernization ideas and proposals at the meeting, or by emailing proposals to wvtmp@wv.gov .
The goal of the Tax Modernization Project is to improve and modernize West Virginia taxation. With this goal in mind the following four areas have been identified as possible areas to focus on next:
• Telecommunications tax changes;
• Senior Citizen Tax Credit simplification;
• Personal Income Tax changes for low income families; and
• Other tax issues such as property tax and interest on tax and other assessments.
• Telecommunications tax changes;
• Senior Citizen Tax Credit simplification;
• Personal Income Tax changes for low income families; and
• Other tax issues such as property tax and interest on tax and other assessments.
In 2006, Gov. Manchin developed the West Virginia Tax Modernization Project to improve taxation in West Virginia. Based upon the 2006 report to the Governor, numerous policy and State tax code changes have occurred resulting in tax rate reductions, elimination of certain taxes, a simplified State tax structure, and a more efficient and fair tax system in the State. Some of these changes include:
· Reduction of the food tax;
· Creation of the Family Tax Credit
· Elimination of the corporate license tax;
· Doubling of a homestead tax credit for low income seniors;
· Reduction of the corporate net income tax, which began in 2007, from
9.00% to 6.5% in 2014;
· Phase out of the business franchise tax, which began in 2007, from 0.70% to complete elimination of the tax in 2015;
· Simplification of certain tax filing requirements through the Tax Department’s integrated tax system;
· Enactment of safeguards to prevent abuse of certain tax credits;
· Elimination of the State’s alternative minimum tax in 2010; and
· Enactment of tax withholding provisions to ensure that residents and non-resident are treated equally.
· Reduction of the food tax;
· Creation of the Family Tax Credit
· Elimination of the corporate license tax;
· Doubling of a homestead tax credit for low income seniors;
· Reduction of the corporate net income tax, which began in 2007, from
9.00% to 6.5% in 2014;
· Phase out of the business franchise tax, which began in 2007, from 0.70% to complete elimination of the tax in 2015;
· Simplification of certain tax filing requirements through the Tax Department’s integrated tax system;
· Enactment of safeguards to prevent abuse of certain tax credits;
· Elimination of the State’s alternative minimum tax in 2010; and
· Enactment of tax withholding provisions to ensure that residents and non-resident are treated equally.
The Tax Modernization Project meeting will occur from 10:30 a.m. to 1 p.m. on Nov. 20 at the Charleston Marriott Town Center located at 200 Lee Street East, in downtown Charleston, West Virginia. Written and oral comments and proposals from the public will be accepted at the meeting and by e-mail to wvtmp@wv.gov prior to and after the meeting.
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