Charleston Gazette-Mail, Huntington Herald Dispatch – The West Virginia House Finance Committee passed a personal income tax repeal phase-out bill in about three minutes Monday, but the legislation still faces an uphill fight. Read the full article.
With no discussion or questions asked of counsel, committee members passed House Bill 4007, which first would implement a 10% reduction to current income tax rates on Jan. 1, 2023. If the state ends the fiscal year with a surplus, the bill would establish a fund that takes 50% of that surplus and puts it toward further cuts to the income tax rate. The bill’s lead sponsor is House Finance Chair Delegate Eric Householder, R-Berkeley.
The single-referenced bill now sits in the full House of Delegates chamber. It was not up for first reading Tuesday. House Speaker Roger Hanshaw, R-Clay, said his caucus generally would love to provide tax relief, but the bill must adhere to federal guidelines.