West Virginia Gov. Justice announces ‘historic’ personal income tax cut
CHARLESTON, W.Va. (WSAZ) - West Virginia Gov. Jim Justice on Monday announced another “historic” personal income tax cut for state residents.
The governor said that’s because state revenue collections for fiscal year 2024 were $826.6 million more than expected. That enabled a 3% to 4% cut in personal income tax, Justice said in a release, in conjunction with the trigger system established under House Bill 2526.
The tax cut begins on Jan. 1, 2025.
“Today is truly a day for celebration in West Virginia,” Justice said in the release. “When I first took office, I promised you all a rocket ship ride, and look at us now. We’ve cut over a billion dollars in taxes, and it’s truly unbelievable. This is exactly what a responsible government should do for its people, especially in a state like ours. When the state does well, the people do well. That’s why we established these triggers. As West Virginia thrives, our people thrive and deserve that prosperity.”
According to the release, “the bill’s automatic trigger system reduces the personal income tax rate when revenue collections exceed the rate of inflation, which will be announced on July 11, 2024. This trigger puts the state on a path to eliminating its personal income tax. Additionally, the Governor celebrated the end of the longstanding “pop tax,” a 1-cent tax, which has been eliminated as of today.”
Larry Pack, acting secretary of the West Virginia Department of Revenue, issued the following statement in the release:
“Today we have another historic announcement, which seems like we get to do quite often in the Justice Administration. We’re cutting taxes across the board, yet our surplus keeps growing stronger. Under his leadership, we’ve experienced unprecedented economic growth. Gov. Justice is right; the last seven years have indeed been a rocket ship ride. West Virginia is truly experiencing something special, and we should all be proud to watch it happen.”
According to the release, the Legislature will consider additional tax cuts during a planned special session in August, including a child care tax credit.
The release also states that Justice and the Legislature have delivered more than $1 billion in tax cuts to state residents.
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