Study: Ending Business Personal Property Tax Wouldn't Help W.Va. Economy
Beckley Register-Herald - In October elected officials sitting on the Select Joint Committee on Tax Reform committee heard from the conservative The Tax Foundation that eliminating the business personal property tax would create jobs and grow the economy. Read
However, a recent study by the West Virginia Center on Budget and Policy found the business community's mantra of less taxation creates employment does little to support claims of job or economic growth.
Instead, the 14-page report states ending the Business Personal Property Tax, which makes up about 19 percent, or $304 million, of the state's $1.6 billion collected in property tax revenue, is an ineffective way to energize the state's lethargic economy. The revenue loss would actually hinder the abilities of municipalities, county government and school districts to provide needed services, including hiring. Additionally, the revenue lost would like lead to cuts in services or a drastic tax shift, such as higher property taxes on homeowners or real property by small businesses, the report found.