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W.Va. Legislative News from WCHS-TV8 Eyewitness News Online

House combines, advances tax breaks for business
March 07, 2008 3:10 PM

CHARLESTON, W.Va.
It's now up to the Senate whether to repeal one business tax, reduce a second tax on corporations and give manufacturers a big break on a third.



The House voted unanimously Friday for such legislation, which would also help the state collect more income taxes from multistate corporations.

The bill would cut business income tax from 8.75 percent to 6.5 percent by 2015.

If signed into law, state officials say it would save businesses about $149 million a year.

To safeguard the state, tax cuts would be delayed if the state's emergency reserves dip below 10 percent of general revenue.

The bill also calls for erasing the business franchise tax by 2015.

An income tax credit in the bill would offset most property taxes on manufacturing inventory.




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MORE NEWS OF THE
WV LEGISLATURE

Lawmakers complete 2008 session
Lawmakers approve tax breaks for business
Legislators pass bill to make community colleges independent
Legislators shelve teacher retirement plan measure
Lawmakers pass teacher pay raise bill
Lawmakers pass bill cracking down on first-time DUI offenders
Legislature signs off on hunting classes in schools
Sparse crowds, tardiness and food mark Legislature's last day
Bill on free clinics' drug dispensing heads to Manchin
W.Va. to require drug-free public works sites
Teachers offered $1,600 raises as session ends
Lawmakers to work on new state budget next week
Legislature OKs tax break for aircraft
Helmick doesn't see much hope for teacher retirement bill
House combines, advances tax breaks for business
Community- technical colleges would be free agents under bill
Bill that ends stream compromise goes to Manchin
Elevator safety bill advances
Bill would post signs dubbing Fayetteville 'coolest small town'
Hopes dim for municipal pension relief measure as time runs out


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