On Jan. 1, the state’s corporate net income tax rate decreased from 8.5 percent to 7.75 percent. In 2013, it will continue its descent to 7 percent. By 2014, that rate will tumble to 6.5 percent.
In addition, the state also continues to phase out its business franchise tax, which will be completely eliminated in 2015. The tax decreased from 0.034 percent to 0.027 percent on Jan. 1.
It was 2007 when the Charleston Chamber worked closely with then Gov. Joe Manchin and his “Tax Modernization Project” to reduce the state’s business franchise tax and corporate net income tax. It was a pivotal year.
The administration of current Gov. Earl Ray Tomblin has continued to mold policy that has produced the strong fiscal state that West Virginia presently enjoys.
As the next legislative season approaches, the Charleston Chamber will continue to speak out for the policies and reforms that drive profitability for your business, growth for our communities and enhancement in our quality of life.
“This is the time to become aggressive about economic development. This is the time to think big,” said Chamber Chairman Mike Basile. “The 2012 Chamber initiatives check both boxes. This session promises to be both exciting and productive.”
Find out more about the Chamber’s 2012 agenda at the annual Issues & Eggs breakfast on Wednesday, Jan. 11. The event offers an excellent opportunity for you to hear directly from your representatives on the issues that matter to you and your business.
It will be held at the Charleston Marriott Town Center from 7:30-9 a.m. To register for the event, click here.