House Finance Chair Cites Opportunity For Tax Reform Compromise 

Will we see any sort of tax reform passed this session? The House Finance Committee Chairman said he’s now had time to digest this week’s sweeping Senate Tax Reduction plan.

Vernon Criss, R-Wood, said he currently supports a proposed phased-in, 50 percent personal income tax reduction. But he also said, contrary to popular opinion, tax reform negotiations between the House, Senate and Executive Branch are underway.

“There has been an open communication between the leadership here in the house and a couple of the leaders in the Senate to be able to talk about what they want,” Criss said. “Once we get some definitions and dig down into trying to figure out what they have proposed, and we obviously have countered. As we all know, it’s a compromising situation in this business and that’s what we’ll have to do.”

SB 424 proposes: 

A 15% decrease in personal income tax 

A vehicle tax rebate

The elimination of a “marriage penalty” when filing West Virginia taxes 

A  50 percent rebate for small businesses on equipment and inventory property tax

A homestead property tax rebate for some service-disabled military veterans.

Criss said the Senate’s goal is trying to return $600 million back to the public. He said the Senate tax plan is now under House study, with some specific definitions needed.

“They need to come up with a definition with some of the ways they’re wanting to do some of the tax, ie, the small business definition,” Criss said. “Also, making sure that the veterans tax exempt homes, that on property taxes that we’re talking about their homes and not commercial property or industrial property that a veteran may own. So those types of things, we still have to work out.” 

Criss expects those definitions to be answered early next week. 

“We’ve got time and we’ve got the opportunity because now the House has a Senate bill and the Senate has a House bill to be able to work through this,” Criss said.

With less than 30 days left in this session, tax reform looks to be back on the legislative front burner.