West Virginia News – Many West Virginia residents had been hoping for another decrease to their personal income tax this year, but state revenues have not grown enough to trigger a reduction, according to a law passed in 2023.
Read the full article.
Compared to last year, the state’s collected revenues actually declined over the first 11 months of this fiscal year. And compared to the last two years, state revenues have declined nearly $1 billion.
“What matters most is the trajectory of the revenue compared to last year and it’s on a clearly downward trajectory. And that’s important for a state that has a lot of needs and has a lot of budget pressure. We’re looking at a $400 million budget gap next year,” said West Virginia Center for Budget & Policy Senior Policy Analyst Sean O’Leary.
