October 8, 2022
WV STATE NEWS
CHARLETSON, WV - As West Virginia sets another tax revenue surplus record, Gov. Jim Justice is using the news to promote his plan to phase out the state income tax entirely.
Through September, West Virginia recorded a $192.8 million revenue surplus, which puts the year-to-date surplus at about $427 million. Collections for the month were about 26.6% higher than the same month in the previous year and collections over the year are nearly 28% higher than last year.
“We are only three months into this fiscal year, and we’re already at over $420 million in surplus,” Justice said in a statement. “What this proves more than anything is that it is time to return this money in the form of immediate cuts to our personal income tax.” State officials announced last week they are crafting a plan to phase out West Virginia’s income tax, which the governor will introduce to the legislature. The plan would immediately cut taxes by 10%, but other specifics have not yet been announced. Earlier this year, the governor proposed a 10% income tax cut that passed the House, but did not receive a vote in the Senate. The governor reintroduced the legislation during a special session where it also passed the House and failed to get a vote in the Senate.
For the government to have enough funds to approve the tax cut, the governor is also urging West Virginians to vote against Amendment 2, which will appear as a referendum on the November ballots. The constitutional amendment would allow the legislature to exempt certain business items from local property taxes. “Cuts to our personal income tax will put money directly in the pockets of hard working West Virginians who are battling inflation, not in the pockets of large corporations, like what will inevitably happen should Amendment 2 pass in November,” Justice said.