The Finance Committee met this morning. It was the first meeting after weeks of budget hearings.
Committee Hearing
House Bill 2695 allows Raleigh County to levy a special district excise tax to benefit the Raleigh County Economic Opportunity Development District. A developer will come in and do a master development plan. A CPA will make financial projections on what sales taxes will be. Then, the sales taxes will stay in the district to pay off bonds. It’s a way to incentivize developers to come into the area. There is no fiscal note; the bill asks the state to allow the county to use the taxes collected in the district. The model would be based on The Highlands in Ohio County.
House Bill 2121 extends the disabled veteran real property exemption for widow spouses of disabled veterans. The widowed spouse must remain residence on the property. If the spouse moves from property, sells the property, remarries, or dies, then the exemption no longer applies.
House Bill 2012 removes the accelerated payment provisions for consumer sales from the code. The bill states that the due dates will be the same each month. Currently, taxpayers making over $100,000 a month pay a month and a half of sales and withholding tax in June. This would take effect in June 2025. In tax statute, it must be stated if the effective date is before the next year.
House Bill 2052 eliminates the requirement that the apprenticeship training tax credit base be limited to wages paid to apprentices in the construction trades.
House Bill 2146 exempts the processing of beef, pork, or lamb by a slaughterhouse for an individual owner of the product processed from the consumer sales and service tax. The bill promotes local production and consumption. It would also lower costs for consumers.
House Bill 2160 authorizes the application of the manufacturing investment tax credit and the manufacturing property tax adjustments credit against personal income tax.
House Bill 2161 changes the threshold job creation number from 300 to 50 each year for qualified, new, or expanding, warehouse or distribution facilities. The bill allows for an exemption for qualified purchases of computers, software, equipment, materials, and certain personal property to be incorporated into a qualified, new, or expanded warehouse or distribution facility. Â
House Bill 2399 changes the managed timberland certification requirements to every five years for tax assessment purposes. The bill grants rulemaking authority to the Division of Forestry.
House Bill 2751 grants Mason County and the Town of Henderson special district excise taxes to define the Town of Henderson Economic Opportunity District. The 40 acres of land acquired needs to be raised out of the flood plain. Several hotels and restaurants are interested in building.
Another meeting will be held this afternoon at 1 p.m.
