Establishes a modification reducing federal adjusted gross income for taxes on tips and overtime in West Virginia.
West Virginia SB492 amends the state's tax code to allow an additional modification reducing federal adjusted gross income for taxes on tips and overtime. This modification applies to qualified tips up to $25,000 and qualified overtime compensation up to $12,500 annually. The modification phases out for taxpayers with modified adjusted gross incomes over $150,000. This change is effective for taxable years beginning on or after January 1, 2029.
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