By Charles Young, The Exponent Telegram
CHARLESTON, W.Va. — The West Virginia Legislature completed action Tuesday on Senate Bill 2033, which will provide an additional 2% reduction in the state’s personal income tax rates.
SB 2033, which passed the state Senate on Monday evening on a 31-0 vote, passed the House of Delegates on a 90-6 vote, with four members absent or not voting.
The bill now goes to the desk of Gov. Jim Justice for his consideration.
The bill will take effect on Jan. 1, the same effective date as the 4% reduction in personal income tax rates triggered by last fiscal year’s revenue collections.
Additionally, the bill modifies the trigger mechanism that will determine further tax reductions, said Del. Vernon Criss, R-Wood, chair of the House Finance Committee.
“The bill would also modify the application of the formula triggers for the future tax reductions by changing the effective date of future reductions from the beginning of the next taxable year to the year beginning the second taxable year following the determination,” he said.
