HB 2792
Exempting social security benefits from personal income tax
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to amend West Virginia state law to exempt Social Security benefits from being included in a taxpayer’s personal income for state tax purposes. It modifies existing provisions related to calculating West Virginia adjusted gross income, specifically by adding Social Security benefits to the income calculation and subtracting certain retirement benefits. The bill includes several modifications and limitations to ensure fairness and prevent excessive deductions.
Key provisions
- Exempts Social Security benefits from inclusion in West Virginia adjusted gross income.
- Modifies the calculation of West Virginia adjusted gross income to include specific items not already accounted for.
- Subtracts certain retirement benefits (including West Virginia public employee and teacher pensions) from federal adjusted gross income, with limitations.
- Establishes a deduction for contributions to medical savings accounts.
- Includes modifications related to fiduciary adjustments for estates and trusts.
- Specifies effective dates for various changes to the law, including exemptions for Social Security benefits starting in 2024.
Who is affected
- West Virginia residents
- Social Security recipients
- West Virginia public employees and teachers
- Estate and trust beneficiaries
- Taxpayers
Notable changes
- Limits the deduction for retirement benefits to $2,000 per person, with further reductions for higher incomes.
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours