chambers with bipartisan support. This bill was amended in the Senate Finance Committee to phase in reducing the tax. Effective July 1, 2023, the B&O tax on new cars will be reduced by 50%. Then effective July 1, 2024, the remaining B&O tax on new cars will be reduced by an additional 50% of the total amount of the tax. Then, effective July 1, 2025, the B&O tax on new cars will be completely eliminated. The phased-out approach was a compromise with Senators Eric Nelson and Tom Takubo, who would only support the bill with a phased-out approach. We all know that this tax is extremely regressive and unfair, but we have made a dent. This is a huge win for WVADA! We are the first industry in over 70 years to tackle the B&O tax and receive some relief! S.B. 568 — Requiring insurance plans to provide underwriting information to insureds: this bill passed both chambers unanimously. This bill will allow employers to request their loss runs from an insurer on an annual basis regardless of the number of employees insured. Other Bills of Interest: S.B. 250 — The budget bill was a compromise between the Senate and House, and the Executive branch. House Finance Committee Chairman Eric Householder, R-Berkeley, explained the compromise budget surplus totals $1 billion, and a General Revenue fund with 44% designated for public education and included another pay raise for teachers; 26% dedicated to social services including a pay raise for Child Protective Services workers; and 10% allocated for higher education. S.B. 4 — Repealing the ban on construction of nuclear power plants: passed and has already been signed by the Governor. The bill repeals a 26-year ban the legislature had enacted on the construction of new nuclear power facilities and allowed for the possibility of nuclear energy production rounding out West Virginia’s power portfolio and indicating to the global economy that the state is successfully transitioning its economy. Last summer, a small delegation of dealers traveled to D.C. to meet with Senator Manchin to discuss several concerning issues facing the auto industry and our nation. During this meeting, Senator Manchin requested that dealers and other industry leaders in West Virginia work with the legislature to repeal the ban on nuclear power plants. I am proud to report that S.B. 4 did just that. Bills that continue to make advances in broadband connectivity and competition completed the legislative process, as well as bills that look to pave the way for the state to capitalize on new economic investments, such as House Bill 4098, which makes it clear in state code that geothermal energy may be developed in West Virginia; House Bill 4003, which would establish a clear legal right of title to the Continued from page 7 WVADA had an extremely successful legislative session. This is due to all the dealers throughout the state who came together, participated in meetings, made phone calls, and reached out to their local representatives. chemical compounds, elements and substances derived from the treatment of acid mine drainage, setting definitive roles in the cleanup and extraction of rare earth elements from those coal waste piles; and House Bill 4002 which creates the certified sites and development readiness program, to help secure the state’s position among site selection consultants to help land the next big economic engine. WVADA had an extremely successful legislative session. This is due to all the dealers throughout the state who came together, participated in meetings, made phone calls, and reached out to their local representatives. It is amazing what can be accomplished when we work together as a team with one collective voice. THANK YOU to everyone who participated! I hope to see each of you soon at our upcoming Dealer Family Convention at Nemacolin, June 12-15. Please do not hesitate to contact me if I can be of any assistance. t wvcar.com 8 WVADA
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