SB 392
Relating to personal income tax reduction
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to reduce West Virginia’s personal income tax rates. The reductions would be contingent on the state’s general revenue fund collections exceeding a predetermined level, adjusted for inflation. If the revenue threshold is met, the tax rates would be lowered, with further potential reductions possible in subsequent years based on continued revenue surpluses. The bill also includes technical corrections and establishes a process for determining and implementing these tax adjustments.
Key provisions
- Reduces graduated income tax rates for individuals, married couples, heads of households, and estates/trusts.
- Lowers the rate of tax on 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.
- Establishes a mechanism for contingent future tax reductions based on revenue performance.
- Includes technical corrections to the tax code.
- Requires the Tax Commissioner to prepare an annual report detailing tax rate modifications.
Who is affected
- Taxpayers in West Virginia
- Individuals
- Married couples
- Heads of households
- Estates and trusts
Notable changes
- Introduces a tiered tax system based on income levels, with rates increasing as income rises.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Smith (Mr. President)
Cosponsor
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