ENGROSSED

COMMITTEE SUBSTITUTE

FOR


SENATE JOINT RESOLUTION NO. 12

(By Senators Tomblin, Mr. President, and Caruth, By Request of the Executive)

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[Originating in the Committee on the Judiciary; reported

February 19, 2008.]

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Proposing an amendment to the Constitution of the State of West Virginia, amending article X thereof, by adding thereto a new section, designated section one-d, relating to authorizing the exemption from ad valorem taxation of personal property in the form of manufacturing inventory; authorizing the exemption from ad valorem taxation on equipment; numbering and designating such proposed amendment; and providing a summarized statement of the purpose of such proposed amendment.

 Resolved by the Legislature of West Virginia, two thirds of the members elected to each house agreeing thereto:
 That the question of ratification or rejection of an amendment to the Constitution of the State of West Virginia be submitted to the voters of the state at the next general election to be held in the year two thousand eight, which proposed amendment is that article X thereof be amended by adding a new section thereto, designated section one-d, to read as follows:
ARTICLE X. TAXATION AND FINANCE.
§1d. Exemption from ad valorem taxation of manufacturing inventory and equipment.

Notwithstanding any other provision of the constitution, tangible personal property in the form of manufacturing inventory and equipment may by law enacted by the Legislature be exempt from ad valorem taxation.
Resolved further, That in accordance with the provisions of article eleven, chapter three of the Code of West Virginia, 1931, as amended, such proposed amendment is hereby numbered "Amendment No. 1" and designated as the "Manufacturing Inventory and Equipment Tax Exemption Amendment" and the purpose of the proposed amendment is summarized as follows: "The purpose of this amendment is to authorize the Legislature to exempt from ad valorem taxation manufacturing inventory and equipment ."