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Monday, October 30, 2006

Governor's tax proposal

Gov. Joe Manchin is unveiling his tax proposal today. Tomorrow afternoon, he's visiting The Herald-Dispatch editorial board to talk about it.

Some of the key points:

> Reduce sales tax on food from 5 percent to 3 percent.

> Reduce business franchise tax rate from 0.7 of a percent to 0.55 of a percent.

> Increase refundable property tax credit to seniors, from $10,000 to $20,000.

> Create family tax credit on income so no one under federal poverty level pays income tax.

> Reduce corporate net income tax rate from 9 percent to 8.75 percent.

> Sales tax exemption for contractors-direct use manufacturing plants.

> Increase nonresident tax withholding rate.

> Extend non-resident withholding tax to capital gains on real estate.

> Eliminate pre-1967 corporate capital gain exclusion.

> Repeal the West Virginia Capital Company Tax Credit Program.

> Improve administrative efficiency through modern technology.

Is there anything I need to ask the governor on your all's behalf?