Personal Taxes

New West Virginia Home invoice might decrease personal earnings taxes | WDVM25 & DCW50

CHARLESTON, W.Va. (WDVM) — West Virginia Gov. Jim Justice voiced his support of a House bill that would keep money in the wallets of West Virginians.

House Bill 4007 was introduced to the West Virginia House Finance Committee on Feb. 3 and the bill would work to reduce the state income tax for all tax brackets.

Current tax rates for 2021. Courtesy of the West Virginia State Tax Department

While the reductions of the taxes are only by a few percentage points, governor justice and other legislators are pushing to eliminate state income tax.

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Proposed tax rate in House bill 4007

Back in March 2021, Gov. Justice submitted a bill to the West Virginia Legislature that had plans to transform West Virginia’s tax structure. The proposed legislation would have raised wages and home values ​​brought into more businesses and more people and improved the quality of life for the residents of his state.

“I stand ready to discuss any proposal because getting rid of the state income tax in West Virginia would be an absolute milestone that would drive a lot of folks in West Virginia to make a lot of good things happen for all of us,” Gov. Justice said during a press briefing.

If House Bill 4007 passes, the reduction of personal income taxes will go into place on Dec. 31 of this year.

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