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Introduced Version - Originating in Committee

House Concurrent Resolution 73 History
 

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Key: Green = existing Code. Red = new code to be enacted
HOUSE CONCURRENT RESOLUTION 73(By Delegate Howell)[Originating in the Committee on Economic Development and Tourism; Reported on March 7, 2023] Requesting that the Joint Committee on Government and Finance commission a study by the Department of Economic Development to assess whether amending the state tax code to provide state tax incentives to off-set federal excise taxes placed upon tire manufacturing, sport fishing equipment manufacturing, bow, quiver, broadhead, and point manufacturing, arrow shaft manufacturing, vaccine manufacturing, feed stock manufacturing, fuel refinery manufacturing and/or any other type of manufacturing not currently producing in West Virginia would raise the likelihood of new investment in such manufacturing in West Virginia.Whereas, As of this writing, no tire manufacturing, sport fishing equipment manufacturing, bow, quiver, broadhead, and point manufacturing, arrow shaft manufacturing, vaccine manufacturing, feed stock manufacturing, or fuel refinery manufacturing currently is being produced in West Virginia; and Whereas, Tire manufacturing, sport fishing equipment manufacturing, bow, quiver, broadhead, and point manufacturing, arrow shaft manufacturing, vaccine manufacturing, feed stock manufacturing, and fuel refinery manufacturing are subject to imposition of federal excise taxes; and Whereas, Other forms of manufacturing subject to federal excise taxes likely exist and are not currently being produced in West Virginia; and Whereas, Allowing a tax credit on state taxes equal to the amount of federal excise tax paid by tire manufacturing, sport fishing equipment manufacturing, bow, quiver, broadhead, and point manufacturing, arrow shaft manufacturing, vaccine manufacturing, feed stock manufacturing, fuel refinery manufacturing, and other forms of manufacturing subject to federal excise taxes that likely exist, and are not currently being produced in West Virginia, presents an opportunity to incentivize new investment in West Virginia; andWhereas, Any such new investment and activity would yield only net aggregate revenue increases even with application of a contemplated federal excise tax credit against state tax liabilities; therefore, be it Resolved by the Legislature of West Virginia:That the Joint Committee on Government and Finance commission a study by the Department of Economic Development to assess whether amending the state tax code to provide state tax incentives to off-set federal excise taxes placed upon tire manufacturing, sport fishing equipment manufacturing, bow, quiver, broadhead, and point manufacturing, arrow shaft manufacturing, vaccine manufacturing, feed stock manufacturing, fuel refinery manufacturing and/or any other type of manufacturing not currently producing in West Virginia would raise the likelihood of new investment in such manufacturing in West Virginia; and, be it Further Resolved, That the Department of Economic Development shall report its findings in writing to the Joint Committee on Government and Finance not later than the interim session of December 2023, for the purposes of preparing legislation for the 2024 Regular Session; and be itFurther Resolved, That the expenses necessary to conduct this study, to prepare a report and to draft necessary legislation be paid from legislative appropriation to the Joint Committee on Government and Finance. 


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