West Virginia House Votes to Approve 50% Income Tax Cut in 3 Years

The West Virginia House of Delegates has voted to approve cutting income taxes by 50% in 3 years. This approval intends to help individuals and small businesses lower their taxes.

West Virginia House of Delegates

On January 18, the West Virginia House of Delegates has voted 95-2 to approve the tax plan proposed by Governor Jim Justice. The plan aims to cut income taxes of the state by 50% in 3 years. A delegate Chris Pritt said that the approval intends to help individuals and small businesses in West Virginia to lower their taxes.

According to Johnson, if the House Bill 2526 will be approved, taxpayers can look forward to a 30% decrease when filing their income tax return in 2024. In the next two years, another 10% would be decreased for each year. Another delegate Vernon Criss said that with this approval, residents of West Virginia can expect a billion dollar increase in the economy.

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Disagreements to the Approval

According to Johnson, Democrats suggested a total abolishment of the income tax for those who earn less than $80,000 per year. Delegate Larry Rowe said that if this happens, there will be no taxes imposed on 72% of filers from West Virginia. The tax plan is now moved to West Virginia’s Senate where opposing Republicans are hesitant about the proposal.

However, as a precaution, the House of Delegation also planned to set aside $700 million from the anticipated budget surplus. This budget is intended as a reserve fund to insure any decline in the state’s revenues. Justice has already issued a statement encouraging the state’s Senate to take a quick action on the bill.

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