West Virginia Public Broadcasting – The West Virginia House of Delegates has passed a bill that would reduce the personal income tax each year until it is fully eliminated. The measure would equate to at least a $150 million annual loss in revenue and would ultimately cost the state more than $2 billion each year upon full implementation. Read the full article.
Lawmakers in the lower chamber voted 77-23 mostly along party lines Monday to send House Bill 3300 to the Senate, which could make changes to the measure. The passage of the measure comes as Gov. Jim Justice continues to push his own plan despite opposition from business groups and some lawmakers.
Originating in the House Finance Committee last week, House Bill 3300 offers no tax increases to recoup revenue losses anticipated each year under the proposal.
The bill would also create a “personal income tax reduction fund” that would pull dollars from other sources, including the lottery. That fund would speed up the reduction of income taxes until it would be fully eliminated. According to an analysis from the West Virginia Center on Budget and Policy, the personal income tax would be completely eliminated by 2030.
