SALT Report 1211 – West Virginia Governor Earl Ray Toblim recently signed Senate Bill 1001 which reduces sales tax on food and food ingredients from 3% to 2% beginning January 1, 2012. The bill offers additional reductions that will eliminate the tax entirely by 2014.
Eliminating the tax is contingent upon the state’s Revenue Shortfall Reserve Fund reaching at least 12.5% of general revenue spending. Assuming the state can meet its goal and the food tax is eliminated West Virginia consumers will save an estimated $81 million annually.
For Further Information: