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Tuesday, March 27, 2012
Inventory tax credit scheme passes house; corporate welfare bill will take $350M from state coffers
At a time when the Republican budget slashes funding for education and virtually every other state service, the Republican House has passed a bill that would slash $350,000,000.00 from the state general fund over the next 6 years. HB 536 would do away with the inventory tax by giving corporations tax credits against the ad valorem taxes they pay.
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Cottonmouth
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While, I tend to agree with you on some issues. I cannot on the issue of an inventory tax.
As one of only a handful of States with this tax, it puts business owners at a decided disadvantage. Lets face it the business owner has already paid taxes on it when they decided to buy the product, as furnishing or put it on the shelf for inventory.
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