CHARLESTON, WV (LOOTPRESS) — Gov. Jim Justice has announced an additional 4% reduction in personal income tax rates starting January 1, 2025.
This reduction was triggered by the state’s revenue collections surpassing the rate of inflation, as outlined in House Bill 2526, signed by the Governor in 2023. The goal is to eliminate personal income tax in the state, which Governor Justice sees as a significant achievement for West Virginia.
The aim is to drive population, opportunity, and economic growth in the state. The surplus revenue belongs to the people, and reducing personal income tax is seen as the best way to put that money back in the pockets of the citizens. With the state’s revenue collections exceeding the inflation-adjusted target, this latest rate reduction has been triggered.
This news has been received with excitement, as it signifies a bright future for the state.
Furthermore, Governor Justice has requested the West Virginia Legislature to consider an additional 5% personal income tax cut in an upcoming special session, as well as a childcare tax credit and other funding matters.
Overall, Governor Justice and the West Virginia Legislature have delivered over $1 billion in tax cuts to the people of West Virginia. For more information, you can visit the West Virginia State Tax Department’s website.
