Bill > HB2553

This bill proposes to provide a significant tax break for West Virginia residents by exempting the first $20,000 of individual income from state income taxation, starting in the tax year 2025. Specifically, the legislation amends the state's tax code to create a new provision that allows resident individuals (or married couples filing jointly) to reduce their federal adjusted gross income by $20,000 before calculating their state income tax liability. This means that the first $20,000 earned by a West Virginia resident would be completely tax-free at the state level, which could provide meaningful financial relief to lower and middle-income taxpayers. The modification would apply to all taxable years beginning on or after January 1, 2025, giving residents and tax preparers time to plan for this change. By reducing the taxable income base, this bill aims to make living and working in West Virginia more financially attractive and potentially provide economic support to residents.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=2553&year=2025&sessiontype=RS&btype=bill