WEST VIRGINIA (WSAZ) – This year West Virginians are going to have a bit more money in their wallet.
An extra 2% income tax cut has gone into effect statewide.
The 2% cut has been added to the 4% reduction trigger.
The extra cut was passed in August and is now in effect.
The state is also going to rebate vehicle taxes that were paid on time during the last year, as well as phasing out Social Security taxes.
Social Security taxes will be cut by two-thirds this year and will be completely eliminated next year.
West Virginia Del. Daniel Linville, R-Cabell, said this year’s income tax cut means more than $1 billion back in the pockets of everyday West Virginians.
“It means tax relief for all West Virginians — everybody paying taxes,” Linville said. “We know inflation has been difficult on folks, and this is a way to start giving some of that back.”
Delegate Mike Pushkin, D-Kanawha, said he is concerned the tax cut could lead to the elimination of important services.
“This is just the state income tax,” Pushkin said. “It’s an extra 2% which really adds up to –for the average West Virginian — about 40 cents a week. So, unfortunately, most West Virginia taxpayers probably aren’t going to really notice the cut a whole lot. But, on the other end of it, it could lead to the elimination of a lot of essential services.”
Linville said taxpayers in West Virginia will be able to see the effects of the tax cut now.
“These income taxes in your weekly paycheck — your employer is going to have new withholding tables so that means less money is going to be coming out of your paycheck,” Linville said.
If you paid your vehicle property tax by Oct. 1, 2024, you could receive the entire amount back when filing your income tax in the spring.
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