Wheeling Officials Revise Business and Occupation Tax Reduction
WHEELING, W.Va -
The proposed B&O tax reduction for businesses in Wheeling will not go into effect as planned, and city leaders are taking a step back and revising the issue.
A public hearing was held at Tuesday's city council meeting regarding the retail B&O tax. City Manager Bob Herron said they've run the numbers, and they need more time to look over the tax before reducing it.
The revenue that will be generated by keeping the B&O tax where it is will go to capital improvement projects like paving, while local government officials take time to re-examine the fairest way to restructure the B&O tax.
Herron said dropping casino tax revenue is not the reason they're holding off on the tax reduction.
"If both B&O tax reductions were to continue to go in place, the budget is balanced," he said. "There is sufficient funding from the sales tax to make up for the reduction of the B&O tax and the reduction in the gaming tax. The problem with doing that is it would have left very little money left over for capital projects."
Next, council will have to hear a second reading of the ordinance that will keep the tax in place. A similar public hearing and ordinance reading will take place next week for the manufacturing B&O tax reduction that's been proposed.
Herron stressed there will eventually be a restructuring of the B&O tax.