CHARLESTON, W.Va. (WTRF) – $600 million – that’s how much the West Virginia Senate announced that they plan to reduce the tax burden of its residents by, and the bill was taken up at the Senate floor Wednesday evening.
The bill included the following:
- A 15 percent decrease in personal income tax beginning in 2024,
- Elimination of the “marriage penalty,”
- A rebate for taxes on vehicles,
- A homestead real property tax rebate for 90 to 100 percent service-disabled military veterans,
- And a 50 percent rebate for equipment and inventory taxes paid by West Virginia small businesses.
Senator Ryan Weld says that their several months of careful research will ensure tax relief without jeopardizing the future of the Mountain State.
”It’s always good to show people that you are actually following through on your word and putting together a plan that you said you were and so, I think that was the part of the excitement for the Senate today in that we were able to show West Virginians that during that time, we put together a plan that we feel offers them a really good opportunity for reduction in their taxes.”Senator Ryan Weld – (R) West Virginia
Officials including Governor Justice say that discussing putting money back into the pockets of West Virginians is exciting because it affects all residents no matter what the tax bracket.