NEW YEAR New Taxes For The New Year
Reported by: Atish Baidya
Web Producer: Atish Baidya
Reported: Jan. 2, 2012 8:43 AM EST
Updated: Jan. 2, 2012 8:53 AM EST
Eyewitness News Photo
Charleston
, Kanawha County
, West Virginia
West Virginia consumers and businesses can expect to save a combined $56 million in state taxes this year, thanks to several new rate cuts.
The sales tax on groceries dropped from 3 cents per dollar spent to 2 cents. State officials say that will benefit consumers while costing the state $26 million during the year.
Taxes on corporate net incomes and business net equity will be less in 2012.
Officials estimate those 2012 savings at $15 million each.
All three taxes are scheduled for future cuts. But at least one West Virginia tax increased Jan. 1.
Part of the state's motor fuel tax depends on wholesale prices. Recent average prices mean that component has risen by 1.2 cents per gallon of gasoline or diesel.
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Atish Baidya
