West Virginia SB392 reduces personal income tax rates based on fiscal year collections and inflation.

West Virginia SB392 modifies personal income tax rates by reducing them if certain fiscal year collections exceed inflation-adjusted base year revenues. The bill sets specific tax rates for various income brackets and types of taxpayers, including individuals, married couples filing jointly, heads of households, and estates and trusts. The tax reductions apply for taxable years beginning on and after January 1, 2026. The Secretary of Revenue and the State Auditor will certify any required rate changes, which the Tax Commissioner will then notify taxpayers about.

West Virginia SB392 reduces personal income tax rates based on fiscal year collections and inflation.

West Virginia SB392 modifies personal income tax rates by reducing them if certain fiscal year collections exceed inflation-adjusted base year revenues. The bill sets specific tax rates for various income brackets and types of taxpayers, including individuals, married couples filing jointly, heads of households, and estates and trusts. The tax reductions apply for taxable years beginning on and after January 1, 2026. The Secretary of Revenue and the State Auditor will certify any required rate changes, which the Tax Commissioner will then notify taxpayers about.