By Charles Young, WV News
CHARLESTON (WV News) — Another automatic reduction in the state’s personal income tax is not looking likely, according to West Virginia Treasurer Larry Pack.
With less than a month left in the current fiscal year, the state is not on track to collect enough revenue to hit the trigger included in the 2023 tax cut bill that would cause a PIT cut, Pack said during an interview with WV News.
“At this point in time, we do not believe there will be a trigger for an additional tax cut based upon the revenue numbers we’re seeing,” he said. “Our non-severance revenue has to grow faster than the rate of inflation in order to create a trigger. We’re pacing right below or right at inflation, so there will not be a trigger this year.”
