Center Square - West Virginia collected $407 million in taxes and fees in February, more than $110 million ahead of the budgeted estimate for the month. Read the full article. That puts the state $1.1 billion ahead of the budgeted estimates for the fiscal year through nine months. The $4.1 billion in total collections for the fiscal…
Tax and Budget
The start of a new month always brings with it new economic data. In addition to new revenue numbers and natural gas price data, Governor Justice also revised his FY 2024 revenue estimates upward with little explanation. All told, what we saw this week should give lawmakers pause as they consider making large, permanent tax…
Mountain State Spotlight, My Buckhannon - Yesterday was Crossover Day, a key legislative deadline. This is the day when the full universe of bills introduced during the session — 2,316, to be exact — is whittled down. For the most part, bills that didn’t clear their chamber of origin (the House or the Senate) by…
WOWK - A big tax cut for many West Virginia workers is a step closer to reality, but there is still one big hurdle to pass. With just 12 days left in this legislative session, there is some urgency to get it done. Read the full article. The fate of a bill to cut income…
The Center Square - West Virginia’s Senate passed an income tax cut compromise over the weekend that will now head to the House of Delegates. Read the full article. Gov. Jim Justice termed the 21% income tax cut as a compromise that returns $750 to taxpayers with a car tax rebate, 50% property tax rebate…
Mountain State Spotlight - After weeks of little public action on taxes, the Legislature’s newly announced tax compromise is now barreling forward as the end of the session approaches. Read the full article. The deal cleared a major hurdle on Saturday as the Senate, after suspending constitutional rules, introduced and passed a plan that would cut West…
West Virginia MetroNews - Senators introduced and passed a compromise version of a tax cut bill, spotlighted by a personal income tax cut of a little more than 21 percent. Read the full article. The Senate Finance Committee introduced the concept and approved the bill at a Saturday afternoon committee meeting that lasted only a few minutes.…
On Saturday afternoon of day 46 of the West Virginia legislative session, the Senate Finance committee unveiled and passed their second attempt at a tax cut without discussion or questions and then suspended rules to pass it out of the chamber. The legislation, HB 2526, looks very much like the plan they passed earlier this…
This afternoon the Senate Finance Committee introduced their version of the FY 2024 budget. Notably–to account for their plan to cut taxes for the state's wealthiest households and businesses–the Senate's proposed budget is significantly smaller than the budget proposed by the governor. The Senate budget proposal relies on one-time surplus funds to pay for ongoing,…
West Virginia MetroNews - Senators today started consideration of West Virginia’s general revenue budget, leaving room for the possibility of a tax cut. Read the full article. “It contemplates the largest tax cut to the citizens of West Virginia in the history of West Virginia, passing the Senate,” Senate Finance Chairman Eric Tarr, R-Putnam, said…