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West Virginia House changes governor’s budget to include personal income tax repeal

By Joe Severino, Charleston Gazette-Mail

CHARLESTON, W.Va. — The House of Delegates Finance Committee unanimously advanced a budget bill Thursday afternoon that makes significant changes to the governor’s requested version.

The House version of the budget bill makes room for the projected revenue losses because of the personal income tax phase-out bill, which the full House passed Feb. 11. The bill transfers $265 million in revenue to a stabilization fund that was created by House Bill 4007, and $96 million to pay for the first round of 10% personal income tax reductions.

The Senate Finance Committee, chaired by Eric Tarr, R-Putnam, has yet to take up the personal income tax bill.

The House version of the budget bill includes another $4 million reduction in total revenue to pay for the film tax credit, and $46,000 to pay for the gun safe sales tax elimination. In total, the House version estimates a $100 million reduction to the governor’s estimated $4.65 billion budget…

To read more: https://www.wvgazettemail.com/news/legislative_session/house-changes-governors-budget-to-include-personal-income-tax-repeal/article_26c7383b-a4f3-5d5f-b32a-5ce4f4a149e3.html

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