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WVa businesses could see elimination of inventory and equipment tax

West Virginia

CHARLESTON, W.Va. (WTRF) – Lawmakers in the West Virginia Senate are discussing the possibility of eliminating the inventory and equipment tax for businesses.

As a method to offset the costs, the state sales tax would increase to 6.5 percent and a pack of cigarettes will be 80 cents more expensive.

However, lawmakers remain divided as to if the funding will actually benefit business owners in the Mountain State.

Senate debates eliminating inventory and equipment tax for businesses

90 percent of the businesses in West Virginia have less than 100 employees. We have a lot of small places, small businesses. All of those places are going to benefit and that’s a good thing.

Sen. Rollan Roberts, (R) Raleigh

There’s no question. The burden goes back on the citizens of West Virginia. And it amounts to about $300 million dollars that we’ve got to find in this budget and it doesn’t seem like it’s there.

Sen, Roman Prezioso, (D) Marion – Minority Leader

This change would require lawmakers to update the state constitution.

A two-thirds vote from both the house and the senate is needed before state voters can cast their ballots on election day.

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