CHARLESTON, WV (WVNS) — The largest tax cut in West Virginia state history is now one step closer to being passed.
On Wednesday, January 18, 2023 the West Virginia House of Delegates voted to pass Gov. Justice’s proposal to reduce the state’s personal income tax by 50%, prompting a response from Justice.
“I thank Speaker Roger Hanshaw, Deputy Speaker Matthew Rohrbach, Majority Leader Eric Householder, Finance Chairman Vernon Criss, and members of the House of Delegates for voting overwhelmingly to pass the largest personal income tax cut in state history. I encourage the Senate to expediently vote in favor as well.”WV Governor Jim Justice
Gov. Jim Justice’s proposal includes a 50% personal income tax reduction over three years while setting aside $700 million to establish a Personal Income Tax Reserve Fund that almost equals our current Rainy Day Fund.
“It’s time we reward all the great West Virginians who have stayed the course through decades of being 50th. It’s time we really, truly, help West Virginians combat the rampant inflation they’re seeing. We’ve worked really hard to turn our state around from deficits to major surpluses and now our state is blessed with an opportunity for prosperity and growth unlike any before in our history. Cutting our personal income tax will put money in the pockets of hardworking West Virginians and bring prosperity to our state for generations. There is no better incentive than this. Period.”WV Governor Jim Justice
The phase-out begins with a 30% reduction in June 2023, and another 10% reduction in the following two years.