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Governor Justice proposes cutting West Virginia income tax by 10%, announces year-end revenue numbers

By Charles Young, WV News

CHARLESTON, W.Va. — After announcing the state ended Fiscal Year 2022 with a revenue surplus in excess of $1.3 billion, Gov. Jim Justice on Wednesday proposed a permanent reduction in West Virginia’s personal income tax.

Justice said he plans to call a special session of the Legislature to coincide with July’s regularly scheduled interim meetings. During the special session, lawmakers will be asked to consider a bill that would see the state’s income tax rate cut by 10%.

“As a result of our unbelievable economic growth, I’m announcing that I will propose a 10% personal income tax cut as an aggregate,” he said. “You will get the bill very, very soon — the Legislature will get the bill very soon — and it will have different levels of tiering, and we will try to make it as fair as we can possibly make it.”

The bill will propose making the cut retroactive to Jan. 1, 2022. If the measure is passed, the retroactive amount would come as a refund when residents file their 2022 taxes, Justice said…

To read more: https://www.wvnews.com/news/wvnews/justice-proposes-cutting-west-virginia-income-tax-by-10-announces-year-end-revenue-numbers/article_7cd8885e-fd28-11ec-a4e0-1b24919fca13.html

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