State nearly hits 25% reduction mark in goal to eliminate personal income tax with latest historic reduction

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Thursday, July 11, 2024

Gov. Justice announces 4% personal income tax cut trigger, marching West Virginia closer to eliminating tax
State nearly hits 25% reduction mark in goal to eliminate personal income tax with latest historic reduction
CHARLESTON, WV — Gov. Jim Justice today announced ([link removed]) that an additional 4% reduction in personal income tax rates will take effect on January 1, 2025.

The reduction was triggered after the state's revenue collections surpassed the rate of inflation, as stipulated in House Bill 2526 ([link removed]) , which the Governor signed ([link removed]) in 2023. This trigger puts the state on a path to eliminating its personal income tax.

"This is another huge achievement for West Virginia," Gov. Justice said. "We've worked hard to make sure our state's economic growth translates to real benefits for our citizens. Nothing will drive population, opportunity, and economic growth in West Virginia like eliminating our personal income tax. Today's announcement should absolutely be celebrated, but I know that we can achieve even more by continuing to reduce income taxes. We need to continue marching towards zero income taxes in West Virginia. I'll only be your governor for a few more months, but I'll always continue to do everything in my power to help this state and our people. At the end of the day, the amazing surpluses we've seen are great, but that money belongs to the people. They deserve to see it in their pockets, and the best way to maximize these surpluses is reducing the personal income tax."

With Fiscal Year 2024 revenue collections, excluding severance tax collections, reaching $5.34 billion and an inflation-adjusted target of $5.24 billion, the excess amount has triggered this latest rate reduction. So far, the total personal income tax reduction is just under 25%, marking nearly a quarter of the way towards West Virginia's goal of completely eliminating the personal income tax.

"As the state succeeds, the people succeed,” Revenue Secretary Larry Pack said. “This personal income tax trigger was put into place so as West Virginia does well economically, the people receive their share of that success. We're creating a better environment for economic growth and opportunities across the state. The hardworking people of West Virginia truly deserve it. It is certainly a proud moment for our state, and we're really excited about the bright future ahead."

Earlier this month, Gov. Justice requested ([link removed]) the West Virginia Legislature consider an additional 5% personal income tax cut in an upcoming special session. The Legislature will also consider a childcare tax credit, which Gov. Justice proposed ([link removed]) during his 2024 State of the State Address, among other funding matters.

To date, Gov. Justice and the West Virginia Legislature have delivered over $1 billion in tax cuts to the people of West Virginia. More information is available on the West Virginia State Tax Department's website ([link removed]) .
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