West Virginia HB4019 proposes a reduction in personal income tax rates based on fiscal year revenue collections.

West Virginia HB4019 modifies the personal income tax by reducing rates based on fiscal year revenue collections. The bill introduces a mechanism to determine if tax rates should be reduced if the fiscal year revenue collections exceed inflation-adjusted base year revenues. If conditions are met, the Secretary of Revenue will determine the percentage reduction, which will be applied equally across tax rates. The reduction cannot exceed 10%.

West Virginia HB4019 proposes a reduction in personal income tax rates based on fiscal year revenue collections.

West Virginia HB4019 modifies the personal income tax by reducing rates based on fiscal year revenue collections. The bill introduces a mechanism to determine if tax rates should be reduced if the fiscal year revenue collections exceed inflation-adjusted base year revenues. If conditions are met, the Secretary of Revenue will determine the percentage reduction, which will be applied equally across tax rates. The reduction cannot exceed 10%.