Governor Jim Justice is seeking to eliminate the income tax in the State of West Virginia. If he has his way, the state legislature will vote on making it the eighth state with no personal income tax.
Here’s how he expects the state to move toward joining the no-tax club:
- Initially, reduce personal income taxes by about half for most West Virginians
- Eventually eliminate all personal West Virginia income tax for all residents.
To replace the lost revenue (currently about $2.1 billion annually), he proposes to:
- Raise the consumer sales tax by 1.5%
- Impose taxes on purchases of tobacco products and soda.
- Add taxes to some professional services
- A variety of other taxes, including a wealth tax
- Find $25 million in budget cuts
By moving in this direction, Justice hopes to attract new business, industry and families to West Virginia.
Lawmakers await the exact details of the proposal but are gearing up for the discussion. The ultimate result, they hope, would be to put more money in the hands of West Virginians.
You can find out more in the announcement here. And check out the details at the Governor’s office website here.
To learn how the upcoming tax proposals affect your plan to buy or sell a home, contact us. We’re staying in the know so that we can guide your through the homebuying or homeselling process in West Virginia.
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