WVFA eNews Weekly

Industry News

The Finance Committee Substitute for Del. Bill Hamilton’s original House Bill 2268 to eliminate the timber severance tax (that is currently suspended) is a win for us. The bill does not change current law; in that, after the additional/current severance tax expires, the suspended tax resumes but at the lower rate of 1%, as opposed to what might be 1.22% by statute. Further, the Substitute provides that, then, "after the end of twelve months following the month in which the tax imposed by this section resumes, the tax imposed by this section shall terminate and expire." That is, after a year, all severance taxes on timber will be eliminated.

The Substitute was passed by the full WV House and was reported to the Senate. Roger Sherman, WVFA Legislative Committee Chairman, wrote of the Action-Alert responses by WVFA members, "For anyone who contacted members of the Finance Committee on this, there were no ‘nay’ votes so thanks may be in order" relative to the H.B. 2268 vote in that Committee to eliminate the suspended severance tax. So, thank you to WVFA members for responding to the Alerts.

Data from 'MSN Money' Shows Housing Sector Will Have Strong Year

"Homebuilder stocks have lagged, but data points up for housing. After a slowdown in China, a political shakeup in Greece and a pretty volatile January for stocks at home, some investors are thinking about getting defensive in 2015. But one segment of the U.S. economy remains a boon for investors: The housing market.

Yes, the major homebuilding stocks, including Toll Brothers Inc (NYSE:TOL) and PulteGroup, Inc. (NYSE:PHM), have also run into trouble since January. And yes, longer term, the sector as measured by the SPDR S&P Homebuilders (ETF) (NYSEARCA:XHB) has underperformed in the last year. But look at the recent data... there are many signs pointing to a booming housing market in 2015."

Click here to read the internet article

Aboveground Tank Bill to Correct Unintended Consequences of '14 Law

Of interest to many WVFA members, legislation to amend and improve the state's new Aboveground Storage Tank program, SB423, passed the Senate on Saturday afternoon. It now heads to the House for consideration.