Government

Gov. Justice Cheers House Passage of 50% Personal Income Tax Cut

Gov. Justice Cheers House Passage of 50% Personal Income Tax Cut

CHARLESTON, WV – Gov. Jim Justice issued the following statement today after the West Virginia House of Delegates voted bipartisanly to pass his proposal to reduce the state’s personal income tax by 50%:

“I thank Speaker Roger Hanshaw, Deputy Speaker Matthew Rohrbach, Majority Leader Eric Householder, Finance Chairman Vernon Criss, and members of the House of Delegates for voting overwhelmingly to pass the largest personal income tax cut in state history.

“I encourage the Senate to expediently vote in favor as well.

“It’s time we reward all the great West Virginians who have stayed the course through decades of being 50th. It’s time we really, truly, help West Virginians combat the rampant inflation they’re seeing. We’ve worked really hard to turn our state around from deficits to major surpluses and now our state is blessed with an opportunity for prosperity and growth unlike any before in our history.

“Cutting our personal income tax will put money in the pockets of hardworking West Virginians and bring prosperity to our state for generations. There is no better incentive than this. Period.

“This is the quickest way to return tax dollars to our people and puts West Virginia on a pathway to eventually eliminate the personal income tax entirely, which will drive phenomenal growth to our state for generations to come. With the unbelievable economic growth our state has achieved, now is the time to provide this major tax break for our people.”

ABOUT THE GOVERNOR’S PROPOSED TAX CUT —The Governor’s proposal includes a 50% personal income tax reduction over three years while setting aside $700 million to establish a Personal Income Tax Reserve Fund that almost equals our current Rainy Day Fund. This insurance policy protects against any shortfalls as we go forward.

The phase-out begins with a 30% reduction in January​ 2023, and another 10% reduction in the following two years.