Center Square - West Virginia announced it beat revenue estimates by nearly $827 million for the fiscal year, meaning the state will now implement a 3% or 4% personal income tax cut. Read the full article. The tax cut is part is an automatic trigger from House Bill 2526, signed into law in 2023. “When…
Tax and Budget
West Virginia MetroNews - State Treasurer Riley Moore announced that the Hope Scholarship Program has met state law requirements for opening up to all school-age children residing in West Virginia beginning in the 2026-2027 academic year. Read the full article. The scholarship provides financial support for students to pursue education options outside traditional public school…
West Virginia Watch - About four months out from an election that could make him West Virginia’s next U.S. senator, Gov. Jim Justice on Monday announced that the state has hit the trigger to phase out its personal income taxes while also directing the Legislature to convene for a special session to increase those tax…
AP, US News, Caledonian Record, Times West Virginian - West Virginia Gov. Jim Justice said Monday that state revenue collections appeared to hit a benchmark at the end of the fiscal year that could trigger an additional reduction in the state income tax, and he plans to call lawmakers back to address further cuts as…
West Virginia MetroNews - Just before cutting a ribbon that said “taxes” and admiring a balloon drop, Gov. Jim Justice today said the state is on track for another automatic personal income tax cut of 3% to 4% — and the governor said he would call legislators in for a cut even beyond that. Read…
West Virginia Watch, Beckley Register-Herald, Times West Virginian - As August approaches, state leaders are still uncertain about what the impact could be of the impending trigger that could — depending on revenue collections — bring an end to the state’s personal income tax and, in turn, a budget deficit of unknown proportions. Read the…
West Virginia's latest revenue report shows that the state continues to feel the impact of income tax cuts. As of May 2024, and with one month left in the fiscal year, FY 2024 General Revenue collections are $800.2 million, or 13.6 percent, below FY 2023 collections. Income tax revenue collections in May of FY 2024…
Earlier this month, state lawmakers met in Charleston for a special session mostly to allocate funding for budget needs that were shorted when they passed the state budget in March. Of 15 bills passed, 12 dealt with appropriations and state spending, with lawmakers continuing a troubling trend of using one-time surplus funds to pay for…
Mountain State Spotlight - Just two years after changing it, lawmakers have taken another whack at the Rainy Day Fund formula. Read the full article. But that change could lead to problems later on, according to one policy expert. The Rainy Day Fund — West Virginia’s emergency fund — has been around since 1994. While it’s been…
West Virginia Public Broadcasting - The West Virginia House of Delegates refused to concur with the state Senate’s amendment to Senate Bill 1001 in a late-night session Monday. Read the full article. Senate Bill 1001 and its counterpart, House Bill 101, aim to restore funding to the Department of Health and the Department of Human Services, focused…