HB 4019
Relating to Personal income Tax Reduction
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to reduce West Virginia’s personal income tax rates, with potential for further reductions in the future based on state revenue performance. It establishes a system where tax rates could decrease if the state’s general revenue fund collections exceed a predetermined level, adjusted for inflation. The bill also modifies tax rates for various income categories, including individuals, married couples, and trusts, and adjusts withholding tax rates for non-resident income and real estate sales. It introduces a tiered tax structure with rates ranging from 2.00% to 4.34% depending on taxable income.
Key provisions
- Establishes a system for contingent future personal income tax rate reductions based on state revenue performance.
- Reduces graduated income tax rates for individuals, married couples, heads of households, and estates/trusts.
- Lowers the rate of tax on certain composite returns.
- Reduces the rate of withholding tax on nonresident income.
- Reduces the rate of withholding tax on the nonresident sale of real estate.
- Reduces the rate of withholding on lottery winnings.
- Introduces a tiered tax structure with rates ranging from 2.00% to 4.34% based on income levels.
- Specifies a process for the Secretary of Revenue to certify rate changes to taxpayers.
Who is affected
- Taxpayers in West Virginia
- Individuals
- Married couples
- Heads of households
- Estates and trusts
Notable changes
Sponsors
Official sponsors from legislative records.
Primary sponsor
Hanshaw (Mr. Speaker)
Cosponsor
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