Governor Tomblin announces the elimination of the Business Franchise Tax

CHARLESTON, W. Va. — After 27 years, West Virginia will no longer implement its Business Franchise Tax

Governor Earl Ray Tomblin announced Tuesday the Business Franchise Tax will be eliminated effective Jan. 1, 2015. The move is being referred to as the latest step in a series of reductions attempting to improve West Virginia’s business climate and lead to new investments across the state.

“The Business Franchise Tax, created in 1987, was one of the taxes that made it difficult for West Virginia to compete for new and expanding businesses,” Tomblin said. “Coupled with the reduction in the Corporate Net Income Tax and the dramatic decrease in workers’ compensation rates, these changes have helped our state secure additional investments and will continue to pay dividends now and for years to come.”

West Virginia’s Corporate Net Income Tax –now 6.5 percent– is competitive nationally and lower than those found in multiple surrounding states. In addition, the Tax Foundation rated West Virginia 21st nationally for 2015, which is up from the state’s No. 47 ranking in 2004, and higher than any neighboring state.

“I appreciate the hard work of then-Governor Joe Manchin and members of the West Virginia Legislature as we worked together to enact responsible reductions in our state’s business taxes,” Tomblin said. “We already have seen many benefits from these changes, and I’m confident our state’s economy and business climate will continue to grow far into the future.”





More News

News
Plaintiffs ready for second week of opioid trial
At least 4 in-person witnesses expected to take the stand.
May 9, 2021 - 4:30 pm
News
New book explores West Virginia's historical markers
"Signs of the Times: West Virginia’s Highway Historical Marker Program" is an update to the historical marker book first published in 2002.
May 9, 2021 - 1:30 pm
News
No new COVID-19 related deaths in Sunday DHHR report
Vaccination rate remains at a slow pace.
May 9, 2021 - 10:28 am
News
Sentencing may not reveal motive in killings of West Virginia veterans
Sentencing starts Tuesday for former veterans hospital aide Reta Mays.
May 9, 2021 - 10:26 am


Your Comments