Tax News Daily – The West Virginia House of Representatives has passed a bill that will reduce income tax every year until it is completely eliminated. The measure would represent an annual loss of revenue of at least $ 150 million and, if fully implemented, ultimately cost the state more than $ 2 billion per year. Read the full article.
Legislators in the lower chamber voted between 77-23 Monday, largely on a partisan basis, to send House Bill 3300 to the Senate, which could make changes to the measure. The move comes as Governor Jim Justice pushes his own plan forward despite opposition from corporate groups and some lawmakers.
House Bill 3300 was launched last week by the House Finance Committee and does not offer tax increases to offset the loss of revenue expected under the proposal each year.
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