FOR IMMEDIATE RELEASE
Thursday, January 12, 2023
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State of the State 2023: Gov. Justice proposes 50% personal income tax cut
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Largest tax cut in West Virginia history
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CHARLESTON, WV — Gov. Justice proposed the largest tax cut in West Virginia history during his 2023 State of the State Address on Wednesday evening.
His proposal includes a 50% personal income tax reduction over three years while setting aside $700 million in reserve.
The phase-out begins with a 30% reduction in June 2023, and another 10% reduction in the following two years.
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Gov. Justice also spotlighted several new companies that planted roots in the Mountain State in 2022. He announced the creation of the Business Knights of West Virginia to thank them and inducted them into its first class.
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In 2022, more than $6.19 billion was invested by 29 new companies through Economic Development efforts and activities. This led to the creation of more than 3,300 jobs, with more than 3,100 being retained.
Gov. Justice also announced the following new businesses who have chosen to invest in West Virginia during his State of the State Address:
- TCL Specialties is building a chemical plant in Marshall County; a $150 million investment creating 50 jobs
- Morgantown-based company, CMI2, has been awarded $100 million in new Department of Defense contracts to expand its footprint into Clay County
Gov. Justice also proposed the following during the address for the Legislature’s consideration:
- State retirees will receive a one-time payment of $1,500
- Minimum monthly payments for all state retirees over 70 with 25 years of service will increase to $1,000
- Funding for crisis pregnancy centers totaling $1 million
- Additional funding for West Virginia’s food banks totaling $1 million
- Funding and establishment of the Posey Perry Emergency Food Bank Bucket that will total $10 million and allow food banks to draw from when they have a need
- Supplying PEIA with $100 million from surplus to shore up the PEIA Rainy Day Fund
- Another $40 million to help raise PEIA rates at our in-state hospitals
- The Welcome Home Program that will provide a $5,000 incentive to any United States Veteran who chooses to relocate and stay in West Virginia for three years
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