By Steven Allen Adams, The Parkersburg News and Sentinel
CHARLESTON — For years, lawmakers have requested to see long-term financial plans from Gov. Jim Justice and revenue officials in West Virginia with no luck. Now, lawmakers say they need to see these forecasts before considering Justice’s 5% personal income tax cut proposal.In the House of Delegates Monday, Delegate Larry Rowe, D-Kanawha, introduced House Resolution 1 on the first day of the special session called by Justice. If adopted, the resolution would add a new provision to House Rules requiring a five-year projected fiscal analysis of any tax cut or increase by the Tax Department and other applicable agencies prior to consideration in the House.
Speaking Monday, Senate Finance Committee Chairman Eric Tarr said he hasn’t seen a long-term tax revenue and expenditure forecast in years. He said a multi-year forecast is vital in trying to see if the state can afford losing approximately $115 million in income tax revenue after fiscal year 2026 by returning that money to taxpayers.“
That’s part of … going into things eyes wide open,” said Tarr, R-Putnam. “It’s very important to have a forecast of revenues and expenses that are on the books.”Justice and previous governors have traditionally provided lawmakers, the press and the public with six-year financial plans at the start of each legislative session prior to presenting their proposed fiscal year general revenue budgets during the annual State of the State speech. These six-year forecasts look at actual revenue and expenditures, budgeted revenue and expenditures, estimated revenue and recommended expenditures for the next fiscal year’s budget and projected revenues and expenditures over a four-year period beyond the budget being considered.
