CHARLESTON, WV (LOOTPRESS) – In his final fiscal year-end report, Governor Jim Justice announced that the state’s annual revenue surplus will trigger another reduction in personal income tax rates.
State revenue collections exceeded estimates by $826.6 million for Fiscal Year 2024, enabling a 3% or 4% personal income tax cut as set by the trigger system in House Bill 2526, which the Governor signed into law in 2023.
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 eventually eliminating its personal income tax. Additionally, the Governor celebrated the elimination of the longstanding “pop tax,” a 1-cent tax that has been abolished as of today.
Governor Justice also asked the legislature to consider additional tax cuts when they convene for a planned special session in August. This includes a proposed child care tax credit that he introduced during his 2024 State of the State Address, as well as other funding matters. The Governor was joined on stage today by members of the West Virginia Legislature, including Speaker Roger Hanshaw and President Craig Blair.
To date, Governor Justice and the West Virginia Legislature have delivered over $1 billion in tax cuts to the people of the state. Today’s tax cut will take effect on January 1, 2025. More details are available on the West Virginia State Tax Department’s website.
